CHF/JPY Trade idea

• Major trend line support – 112 (trend line joining 112.36 and 112.16)
   
• Major intraday resistance – 112.73 (55- day EMA)
   
• CHF/JPY breaks the trend line support of 112 and declined till 111.50 level. The pair was facing strong resistance at 50- day SMA at 113.75 and struggled to close above that level.
   
•  On the lower side any break below trend line will drag the pair till 110.97 (100- day SMA)/110.25 (38.2%  retracement of 101.73 and 115.51).


• The immediate major resistance is around 112.75 (55- day EMA) and any indicative break above 112.75 will take the pair till 113.11 (21- day EMA)/113.73 (50- day MA).
   
• Short term bearish invalidation only above 115.51.
  
  It is good to sell on rallies 112.05-112.15 with SL around 112.75 for the TP of 110.97/110.25.

Resistance     
R1- 112.75

R2 -113.10

R3- 113.73

Support                   

S1-112

S2-110.97

S3- 110.25