EUR/JPY broke key support level 131…
CHF/JPY reversed from combined support zone
- CHF/JPY reversed from combined support zone
- Next buy target - 115.00
CHF/JPY recently reversed up strongly from the combined support zone located between the key support level 112.70 (which has been reversing the price from May), lower daily Bollinger Band and the 50% Fibonacci retracement of the previous sharp upward impulse from April. The upward reversal form this support zone created the daily Japanese candlesticks reversal pattern Bullish Engulfing. Given the strength of the aforementioned support zone - CHF/JPY is expected to rise to next buy target at the next resistance level 115.00.
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.