- Pattern Formed- M-Shaped Pattern
- Major support- 110.20 (24 th May low)
- The pair has almost formed a double top around 112.50 and started to decline from that level. It has made a low of 110.27 at the time of writing and is trading around 110.53.
- Japanese yen has gained against all major pair’s as Japanese Prime Minister Abe has surprised market by delaying sales tax hike by 2.5 years.
- CHF/JPY has once again taken support near 110.20 and any slight weakness possible only below that level.
- Any break below 110.20 will drag the pair down till 109.80/108.90 (161.8% retracement of 110.203 and 112.32).
- On the higher side major resistance is around 111 and any violation above 111 will take the pair till 111.85 /112.32.
- Overall bearish invalidation only above 112.75.
It is good to sell below 110.20 with SL around 111 for the TP of 108.85
