FxWirePro:CH/JPY faces strong resitance at 112.65, good to sell on rallies

• Major support – 110.50
   
• The pair has broken major support 110.50 and declined till 110.40. It is currently trading around  110.52.
   
• Short term trend is bearish as long as resistance 112.65 (21 day MA) holds.
   
• On the lower side any break below 110.50 will drag the pair down till 110/108.54 (161.8% retracement of 111.88 and 117.41).
   
• Any break above minor resistance 111.65 will take the pair till 112.65/113.
   
• Overall trend reversal only above 115.05.

It is good to sell on rallies around 111.10-111.20 with SL around 112.65 for the TP of 110/108.55