CHFJPY continues to rise inside the accelerated upward impulse wave 3 in the direction of the next powerful resistance level 117.900 (which stopped the sharp uptrend at the end of August as can be seen from the daily CHFJPY chart below) – standing near the upper daily Bollinger Band. Given the overbought reading on the daily Stochastic indicator, overstretched upward impulse wave from November and the strength of the resistance area near the resistance level 117.900 – CHFJPY is expected to correct down from the resistance level 117.900 toward the support level 117.300 (former monthly high from September).