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FxWirePro: CHFJPY forms shooting star pattern, dip till 109 likely

FxWirePro: CHFJPY forms shooting star pattern, dip till 109 likely 

Major resistance- 110.82

CHFJPY has halted its 2-week of bullishness and showing a minor weakness. The pair formed a minor bottom around 106.85 and jumped more than 350 pips. The recovery was mainly due to the weakness in yen on account of easing trade tension and slight optimism in Brexit.

On the lower side, near term support 109.80 and any break below will drag the pair to the next level till 109.50/109. Major bearish continuation only below 106.85.

The near-term resistance is around 110.80 and any break targets 111.36/112.

It is good to sell on rallies around 110.15-20 with SL around 110.55 for the TP of 109.

 

By Rangarajan Hariharan
  • Market Data
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