FxWirePro: CHF/JPY faces strong resistance at 200- HMA, good to sell on rallies
Major resistance – 114.50 (200- HMA) Major support – 113.90 (trend line joining 112.07 and 113.87). CHF/JPY jumped till 114.28 and slightly declined from that level. The pair made a low of 113.87 yesterday and shown mild…
Major support – 113.90 (trend line joining 112.07 and 113.87).
CHF/JPY jumped till 114.28 and slightly declined from that level. The pair made a low of 113.87 yesterday and shown mild increase from the low. But upside is capped by 200 –HMA and any mild bullishness can be seen only above 200- H MA.
Any close above 200- HMA will take the pair to next level till 114.90/115.37 in the short term.
On the lower side, any break below 113.90 will drag the pair down till 113.29 (61.8% retracement of 112.07 and 115.37)/112.10.
It is good to sell on rallies around 114.10-114.20 with SL around 114.60 for the TP of 113.30/112.10
