FxWirePro: CHF/JPY faces strong resistance at 111.65, good to sell on rallies

• Major support – 111.50
   
• The pair has broken major support 111.50 previous week and declined till 110.77. It is currently trading around   111.02.
   
• Short term trend is bearish as long as resistance 111.65 (200 W MA) holds.
   
• On the lower side any break below 110.75 will drag the pair down till 110/108.54 (161.8% retracement of 111.88 and 117.41).
   
• Any break above 111.65 will take the pair till 112.50/113.
   
• Overall trend reversal only above 115.05.

It is good to sell on rallies around 111.10-111.20 with SL around 111.70 for the TP of 110/10