According to my previous CHF/JPY
analysis, after rejecting R2 and R3, the pair started to move lower. On the daily chart, yesterday, the pair rejected the R1 (129.31) resistance and
the downtrend trendline, which should be the starting point for the
next wave down.
It seems very reasonable to consider
selling CHF/JPY today at the current rate while it is near R1. The
target is 0% Fibonacci level applied to the ascending channel
breakout point. I would not expect any moves or spikes
higher than yesterday’s high (129.62) where the stop loss could be
placed, which gives a very high risk reward sell trade.
129.31, 130.30, 131.29
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