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