CHFJPY currency pair recently reversed down from the resistance area set between the resistance level 118.500 (which has been reversing the price from the middle of March) and the upper daily Bollinger Band. The downward reversal from this resistance level 118.500 stopped the earlier minor impulse wave 3. Given the strength of the aforementioned resistance level 118.500, moderate yen bullishness – CHFJPY currency can be expected to correct down further toward the next support level 117.650 (low of the previous minor corrective wave 2)