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Wave Tech Analysis

FxPro Forex Analysis: CHFJPY Wave Analysis – 25 July , 2018

CHFJPY falling inside corrective wave 2
• Likely to fall further

CHFJPY continues to fall inside the corrective wave 2 which started earlier from the resistance zone lying between the major resistance level 112.70 (former powerful support from 2017), 50% Fibonacci correction of the downward impulse from February and the upper daily Bollinger Band.

The active short-term corrective wave 2 belongs to the medium-term impulse wave (3) from the middle of June.

CHFJPY is likely to fall further and re-test the next support level 111.00 (target price for the completion of the active wave 2).

CHFJPY - Primary Analysis - Jul-25 1907 PM (1 day)