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    Technical analysis of CHF/JPY for March 17, 2016 2016-03-17

    CHF/JPY seems to establish a bearish trend after breaking below the ascending Fibonacci channel and then breaking below the 161.8% retracement line.

    The first corrective wave after the 161.8% trendline breakout shows a few potential downside targets, one being S2 (114.10) - 261.8% and another S3 (113.60) - 361.8% retracement which also corresponds with the 361.8% retracement of the Fib channel.

    Consider selling CHF/JPY on any pullbacks towards R1 (115.40) or on a breakout of S1 (114.90). The stop loss should be above R1, with the final target at the S3 (113.60) area.

    Support: 114.90, 114.10, 113.60

    Resistance: 115.40

     

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