FX.co ★ Technical analysis of CHF/JPY for March 21, 2016

Since my original idea on CHF/JPY was published, price remained near the sell entry point - R2 (115.40). Today, price started to move lower which is likely to continue to test one of two support levels, either S2 (114.10) or S3 (113.60) being the final target for ongoing wave down.

Consider holding short positions with the stop loss just above R2, targeting S3 support level which corresponds to the 361.8% extention level of the Fibonacci channel.

Support: 114.60, 114.10, 113.60

Resistance: 114.90, 115.40