FxWirePro: CHF/JPY faces strong resistance at 116 level, good to sell on rallies

• Intraday major support – 115.50.
   
• CHFJPY consolidates in narrow range after hitting high of 116 level. The pair declined till 115.55 yesterday and is currently trading around 115.53.
   
• The pair is trading slightly above hourly Kijun-Sen at 115.66 and extreme bullishness only above 116 level.
   
• On the lower side, near term intraday support is around 115.48-115.50 (23.6% fibo and 55- H EMA) and any break below will drag the pair to next level till 115.20 (100- H MA)/114.89 (50% retracement of 113.66 and 115.24). Short term weakness only below 113.66.
   
• The near term resistance is at 116 and break above targets 116.21/117.

It is good to sell on rallies 115.75-80 with SL around 116.20 for the TP of 116/116.20