CHFJPY recently reversed up with the daily Bullish Engulfing pattern from the support area lying between the key support level 116.100 (former resistance from November which stopped the previous upward corrective wave B at the start of November), lower daily Bollinger Band and the 38.2% Fibonacci correction of the upward impulse wave 1 from November. The upward reversal from this support area started the active minor impulse wave 3. Given the strongly bearish yen sentiment seen across the currency markets today – CHFJPY is expected to rise further toward the next resistance level 117.850 (top of the previous sharp impulse waves 1 and 5).