FxWirePro:CHF/JPY trade idea

• Major resistance – 113.05
   
• Major support – 112


• The pair has broken major support of 112 previous week and closed well below that level. It is currently trading around 111.26.
   
• On the lower side any weekly close below 112 will drag the pair down till 110.25 (38.2% retracement of 101.73 and 115.51)/109.85.
   
• The next immediate resistance is around 111.85 (55- day EMA)/112.12 (23.6% retracement of 115.51 and 111.11)/113.26 (100 –day EMA).
   
• Overall bearish invalidation only above 115.51.
  
  It is good to sell on rallies around 111.25-111.30 with SL around 112.05 for TP of 110.25/109.85  

Resistance                                             

R1- 111.85

R2 -112.12

R3- 113.26

Support                   

S1-111

S2-110.25

S3- 109.85