Technical Analysis of CHF/JPY for March 17, 2016
CHF/JPY seems to establish a bearish trend after breaking below the ascending Fibonacci channel and then breaking below the 161.8% retracement line.
The first corrective wave after the 161.8% trendline breakout shows a few potential downside targets, one being S2 (114.10) - 261.8% and another S3 (113.60) - 361.8% retracement which also corresponds with the 361.8% retracement of the Fib channel.
Consider selling CHF/JPY on any pullbacks towards R1 (115.40) or on a breakout of S1 (114.90). The stop loss should be above R1, with the final target at the S3 (113.60) area.
Support: 114.90, 114.10, 113.60
Resistance: 115.40
The material has been provided by InstaForex Company - www.instaforex.com
