On reaching a low of 119.84 on March 12, CHF/JPY corrected sharply and entered into consolidation lasted for just over a month. At the end of April, the pair broke out the consolidation zone accommodated by large volumes.
The price also broke above the ascending channel. Fibonacci levels applied to the breakout point currently displaying the nearest support at S1 (128.75) and resistance R1 (130.38). While the higher trend line of the channel is acting as support now, it was rejected on several times. At the same time, the price closed above R1 resistance suggesting the further growth.
Consider buying CHF/JPY near S1 (128.85) as it could be ready to act any time now. Fibonacci is pointing at 133.00 as a target, where 0% level is located. Only a breakout below S2 could send the pair lower to test S3 level.
Support: 128.75, 127.45, 126.14
Resistance: 130.38, 133.00
