CHFJPY is trading higher for past five trading days and lost nearly 90 pips from high of 109.63 made on May 22nd 2019. The safe haven demand has increased due to Brexit uncertainty and trade war. So USDJPY is trading lower and decline more than 140 pips from high 110.67. Yesterday CHJPY hits low of 108.73 and jumped till 108.97. It is currently trading around 108.81.
The near term resistance is around 109.05 (55- H EMA) and any break above will take the pair to next level till 109.28 (61.8% fib)/109.65/110.
On the lower side, near term support is around 108.80 (38.2% fib) and any violation below will drag the pair to next level till 108.50/108/107.60. Any major weakness only below 107.60.
It is good to sell on rallies around 108.85-90 with SL around 109.31 for the TP of 107.61..
