FxWirePro: CHF/JPY Faces Strong Resistance at 111.65, Good to Sell on Rallies
- Major support – 111.50
- The pair has broken major support 111.50 previous week and declined till 110.77. It is currently trading around 111.02.
- Short term trend is bearish as long as resistance 111.65 (200 W MA) holds.
- On the lower side any break below 110.75 will drag the pair down till 110/108.54 (161.8% retracement of 111.88 and 117.41).
- Any break above 111.65 will take the pair till 112.50/113.
- Overall trend reversal only above 115.05.
It is good to sell on rallies around 111.10-111.20 with SL around 111.70 for the TP of 110/10