CHFJPY recently reversed up with the daily Japanese candlesticks reversal pattern Bullish Engulfing from the support area lying between the key support level 108.90 (former strong resistance from the end of September), lower daily Bollinger Band and 38.2% Fibonacci correction of the previous impulse wave 1. Given the bearish sentiment affecting the Yen today – CHFJPY is likely to remain under the bullish pressure and to rise toward the next key resistance level 110.10 (which has reversed the price multiple times from the end of October).
