CHF/JPY struggles to break above trend line resistance,go short
The pair has shown a huge jump from the low of 112.50 formed on Jun 14th 2017. The pair jumped till 114.66 near to trend line resistance and shown a minor dip from that level. It is currently trading around 114.11.
The major trend line resistance is around 114.73 (trend line joining 115.16 and 115.04) and any break above confirms further bullishness, a jump till 155.38/116.59 (161.8% retracement of 115.03 and 112.50).
On the lower side, near term support in 4hour chart is around 113.90 (200- HMA) and any break below 113.57 (50% retracement of 114.66 and 112.50)/113.08.
It is good to sell on rallies around 114.20-114.25 with SL around 115 for the TP of 113.10/112.55.
The major trend line resistance is around 114.73 (trend line joining 115.16 and 115.04) and any break above confirms further bullishness, a jump till 155.38/116.59 (161.8% retracement of 115.03 and 112.50).
On the lower side, near term support in 4hour chart is around 113.90 (200- HMA) and any break below 113.57 (50% retracement of 114.66 and 112.50)/113.08.
It is good to sell on rallies around 114.20-114.25 with SL around 115 for the TP of 113.10/112.55.