FxWirePro: CHF/JPY Faces Strong Resistance at 112.35, Good to Sell on Rallies

FxWirePro: CHF/JPY Faces Strong Resistance at 112.35, Good to Sell on Rallies

30 May 2016, 15:18
Roberto Jacobs
0
11

FxWirePro: CHF/JPY Faces Strong Resistance at 112.35, Good to Sell on Rallies

  • Major Resistance- 112.35 (trend line joining 117.41 and 115.01) 
  • The pair has made a high of 112.12 and slightly declined from that level. It is currently trading around 111.91. 
  • Short term trend is slightly bullish as long as support 111 holds. 
  • On the lower side any break below 111.45 will drag the pair down till 111/110.45/110. 
  • Any break above 112.35 will take the pair till 112.85/113/114.05. 
  • Overall trend reversal only above 115.05.

It is good to buy at dips around 111.45-50 with SL around 111 for the TP of 112.35/112.85.

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