CHF/JPY reached long-term resistance

CHF/JPY reached long-term resistance

Trade idea

SELL 108.35; TP 108.00; SL 108.50

CHF/JPY is trading at the resistance line since September 2018 high. The upside is also limited by the 100-day MA at 108.85. The pair has already violated the short-term support line from October lows when it slipped below 108.60. The further decline below the 50-day MA at 108.35 will bring it down to the 108.00 area. Only the rise above 108.85 will open the way up to the 109.35/50 area.

CHFJPY.png

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