While Swiss Franc has been under heavy selling in early part of European session, selling focus is possibly being turned the Japanese Yen. CHF/JPY is recovering after breaching 116.20 support to 116.14 briefly. While there still some way to day, focus will be back on 117.07 minor resistance. Break there will indicate successful defending of 116.20 support, and bring strong rebound back towards 118.84 high. But of course, firm break of 116.20 will indicate near term reversal and turn outlook bearish for 113.73 support. That could trigger another round of selloff in Swiss Franc.
As for Yen crosses, AUD/JPY will continue to be one of the leaders. Further rise is expected as long as 82.89 minor support holds. The up trend from 59.89 low is in progress for 61.8% projection of 59.89 to 78.46 from 73.13 at 84.60. Firm break there will pave the way to 100% projection at 91.70.
