Trade of the Day: CHF/JPY

CHF/JPY recently broke the 30-minute key support level 144.58, which was recently identified by Autochartist. Autochartist rates the quality of this support level at the 3-bar level – which is the result of the 3 earlier reversals from this price level. CHF/JPY is expected to fall toward the forecast price 144.10.

As can be seen from the daily CHF/JPY chart below – the pair earlier reversed down from the resistance area located between the key resistance level 145.00 (former strong support from November), upper daily Bollinger Band and the 61.8% Fibonacci correction of the earlier downward impulse from October. The proximity of this resistance area adds to the probability CHF/JPY will continue to fall toward the forecast price 144.10.