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FxWirePro: Sell CHF/JPY on rallies

  • Major support -113.40
     
  • CHF/JPY is consolidating after forming a bottom at 113.40. The pair jumped till 114.52 and started to show a decline. It is struggling to break above 114.60 which is acting as major near term resistance.  It is currently trading around 113.395.
     
  •  The intraday major resistance is around 113.96 (233- H MA) and any slight bullishness only above that level. Any break above 113.96 will take the pair to next level till 114.27/114.52. Any further bullishness only above 114.60.
     
  • On the lower side, any break below 113.40 will take the pair to next level till 113 (61.8% fib extension)/112.56 (Aug 21st 2017 low).
     
  • The Japanese yen is gaining strength against all major on flattening of US yield curve.

It is good to sell on rallies around 113.40-113.45 with SL around 113.96 for the TP of 112.51.

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