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.
Support: 128.09, 126.09
Resistance: 129.31, 130.30, 131.29
For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of CHF/JPY for July 22, 2015 . Thanks for your support.
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