CHF/JPY forms shooting star pattern, good to sell on rallies
Candle stick pattern – Shooting star
CHF/JPY has shown a good jump almost 400 pips from the low of 113.73 made on Jan 11th 2018. The pair hits high of 118.55 and is currently trading around 118.05.
On the lower side, near term support stands at 117.40 (23.6% fib) and any break below will drag the pair down till 116.90 (7- day MA)/116.45 (10- day MA).
Bullish continuation can be seen only above 118.60. Any break above will take the pair to next level till 119/120.
It is good to sell on rallies around 118.15-20 with SL around 118.60 for the TP of 116.90/116.45.
CHF/JPY has shown a good jump almost 400 pips from the low of 113.73 made on Jan 11th 2018. The pair hits high of 118.55 and is currently trading around 118.05.
On the lower side, near term support stands at 117.40 (23.6% fib) and any break below will drag the pair down till 116.90 (7- day MA)/116.45 (10- day MA).
Bullish continuation can be seen only above 118.60. Any break above will take the pair to next level till 119/120.
It is good to sell on rallies around 118.15-20 with SL around 118.60 for the TP of 116.90/116.45.