Trade of the Day: CHF/JPY

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ChartViper Trade of the Day

CHF/JPY recently broke the key resistance level 154.46, which was recently identified by Autochartist. Autochartist rates the significance of this resistance level at the 5-bar level – which is the result of the 5 earlier reversals from this price level. CHF/JPY is expected to rise toward the forecast price 155.08.

As can be seen from the daily CHF/JPY chart below – the pair earlier reversed up from the support area located between the support level 153.00 (which also reversed the price at the end of May), support trendline of the daily up channel from April and the 38.2% Fibonacci correction of the previous sharp upward impulse (i) from the start of May. The proximity of this support zone and the clear daily uptrend add to the probability CHF/JPY will continue to rise toward the forecast price 155.08.

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