Major support = 114.70 (trend line support)
CHFJPY was consolidating in narrow range for past one week between 114.89 and 115.66. The pair has formed temporary top around 116.47 and is currently trading around 114.58.
Short term trend is slightly bearish as long as resistance 115.66 holds. Any break above 115.66 will take the pair to next level till 116.05/116.50/117.
On the lower side, 114.50 (50% retracement of 115 and 116.47) will be acting as major support any violation below will drag the pair down till 113.50/112.50.
Overall bullish invalidation only below 112.50.
It is good to sell on rallies around 114.75-80 with SL around 115.20 for the TP of 113.50/112.50.
Resistance
R1- 115
R2 115.66
R3- 116.05
Support
S1- 114.50
S2-113.50
S3-112
