FxWirePro: CHF/JPY upside capped by 300-H EMA good to sell on rallies

 

Ichimoku analysis (hourly chart)

 

Tenken-Sen- 110.90

 

Kijun-Sen - 110.23

 

CHF/JPY trading lower for 2nd consecutive day and lost nearly 100 pips from the minor top 110.83. The pair hits low of 109.62 and is currently trading around 109.73.

 

On the lower side, any break below 109.17 will drag the pair to next level till 108.50/108.

 

Any further bullishness only above 110.85 and any violation targets 111.80/112.60.

 

It is good to sell on rallies around 110.20-25 with SL around 110.85 for the TP of 108.