Clearly, CHF/JPY is falling in a strong downtrend. The most recent support at R1 (126.17) was broken and currently the price is moving back to that area.
The Fibonacci applied to the low reached on the July 8 and the high reached on July 13 shows
that 50% retracement level has been broken to the downside. It acted as
resistance several times forming a strong supply area.
Consider selling CHF/JPY around 126.00 targeting 161.8%
Fibs (S1 – 124.50) area today. The stop loss should be placed just above a high of 126.40, which is near the near R1.
The material has been provided by InstaForex Company – www.instaforex.com