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CHFJPY recently reversed down from the resistance zone lying between the pivotal key resistance level 114.000 (which has been reversing the price from the middle of January) and the upper daily Bollinger band – which stopped the previous short-term impulse wave 3. Given the strength of the aforementioned resistance zone and the strongly bullish Japanese yen sentiment seen across the currency markets today – CHFJPY is likely to extend the losses toward the next support level 113.000.
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