CHFJPY recently reversed up from the support area lying between the support level 116.200 (which has been repeatedly reversing this currency pair from the end of December, as can be seen from the daily CHFJPY chart below) and the 50% Fibonacci correction of the upward impulse from the middle of November. The upward reversal from this support area is likely to create the daily Morning Star. Given the clear multi-month uptrend and the oversold reading on the daily Stochastic indicator – CHFJPY currency pair can be expected to rise further toward the next resistance level 117.300.