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.