FxWirePro: CHF/JPY trades below trend line support, dip till 115 likely
Major support - 116.10 (trend line joining 113.66 and 114.78). CHF/JPY is continuing its third day of weakness and has fallen almost 200 pips from the high of 118.55. The pair declined more than 100 pips for the intraday…
Major support - 116.10 (trend line joining 113.66 and 114.78).
CHF/JPY is continuing its third day of weakness and has fallen almost 200 pips from the high of 118.55. The pair declined more than 100 pips for the intraday. It has broken trend line support at 116.16 and declined till 115.99 and is currently trading around 116.07.
On the lower side, near term support stands at 115.75 and any break below will drag the pair down till 115.75/115.
Bullish continuation can be seen only above 116.60 (23.6% fibo). Any break above will take the pair to next level till 116.86 (55- 4H EMA)/117.22.
It is good to sell on rallies around 116.35-40 with SL around 117 for the TP of 115.
