CHFJPY approaching support, potential bounce!

CHFJPY is approaching our first support at 116.63 (horizontal pullback support, 100% Fibonacci extension, 61.8% Fibonacci retracement) and a strong bounce might occur pushing price up to our major resistance at 118.03 (horizontal swing high resistance, 61.8% Fibonacci extension). Stochastic (89,5,3) is also approaching resistance and we might see a corresponding bounce in price should it react off this level.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.