FxWirePro: CHF/JPY Faces Strong Resitance at 112.65, Good to Sell on Rallies

FxWirePro: CHF/JPY Faces Strong Resitance at 112.65, Good to Sell on Rallies

6 May 2016, 11:45
Roberto Jacobs
0
6

FxWirePro: CHF/JPY Faces Strong Resitance at 112.65, Good to Sell on Rallies

  • Major support – 110.50 
  • The pair has broken major support 110.50 and declined till 110.40. It is currently trading around  110.52. 
  • Short term trend is bearish as long as resistance 112.65 (21 day MA) holds. 
  • On the lower side any break below 110.50 will drag the pair down till 110/108.54 (161.8% retracement of 111.88 and 117.41). 
  • Any break above minor resistance 111.65 will take the pair till 112.65/113. 
  • Overall trend reversal only above 115.05.

It is good to sell on rallies around 111.10-111.20 with SL around 112.65 for the TP of 110/108.55

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