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    Technical analysis of CHF/JPY for May 04, 2016 2016-05-04

    CHF/JPY is clearly trending down especially after quite a clean bound of the 200 Moving Average in 4H time frame. It managed to break below the massive support area near 112.00, and price returned back to re-test this area after the breakout.

    The Fibonacci applied to the first corrective wave after the breakout pointing out on the 110.00 price area as the first target, which is the161.8% retracement level.

    Consider selling CHF/JPY at the current level (111.60) targeting S2 support (110.15). The stop loss should be just above the R2 (112.55).

    Support: 110.75, 110,15

    Resistance: 111.60, 112.55

    chfjpy_insta.png

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