FxWirePro: CHF/JPY trade Idea

• Major support - 110.20 (trend line joining 102.89 and 104).
   
• CHF/JPY continuously showing weakness for the past twenty days and has broken major trend line support at 110.20 yesterday.
   
• Short term trend is still weak as long as resistance 111 (support turned into resistance) holds.
   
• Any break above 111 will take the pair till 112.25 (55- day EMA)/112.55 (61.8% retracement of 114.30 and 109.67)/113.
   
• On the lower side, break below 110.20 confirms minor weakness, decline till 109 (200- day MA)/108.60 (50% retracement of 101.73 and 115.51)/108.
  
  It is good to sell on rallies around 110.20 with SL around 111.10 for the TP of 108.60/108.

Resistance                                                                                

R1-111                          

R2 -112.25

R3- 113

Support                   

S1-110.20

S2-108.60

S3-108