EUR/JPY broke key support level 131…
CHF/JPY falling inside minor ABC correction 4
- CHF/JPY falling inside minor ABC correction 4
- Next sell target - 114.70
CHF/JPY continues to fall inside the minor ABC correction 4 – which started earlier – when the pair reversed down from the resistance area lying between the resistance level 118.00, upper daily Bollinger Band and the resistance trendline of the daily up channel from the middle of April. Having recently broken the support trendline of the aforementioned up channel - CHF/JPY can be expected to fall further to the next sell target at the next support level 114.70 (61.8% Fibonacci correction of the previous upward impulse from June).
There isn't any reversal pattern so far. If the 21 MA acts as resistance, we're likely going to have just another decline...
Expanding bullish Ichimoku Cloud with rising Senkou Span A; a cancelled golden cross of Tenkan-sen and Kijun-sen; the prices are returned to the support of Tenkan and Kijun and may go higher.
Narrow bearish Ichimoku Cloud with horizontal Senkou Span A and B; a golden cross of Tenkan-sen and Kijun-sen, but the lines are horizontal; the Bulls can’t breaking out the resistance of upper border of the Cloud and the market may return to 113.00.