CHF/JPY formed a strong support at 105.50 and started to move higher. The pair broke above 200 Moving Average and for the second time found the support at 50 Moving Average.
Fibonacci applied to corrective waves down shows that there is very strong resistance located at 261.8% Fibs (109.20) and this could be a potential upside target.
Consider buying CHF/JPY at the current rate (107.77), targeting 109.20 level. The suggested stop loss is 106.90.
Support: 107.80, 107.00
Resistance: 109.20
