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Short

CHF/JPY Technical analysis

FX:CHFJPY   Swiss Franc / Japanese Yen
After making a false breakout at the trendline , the pair rose steeply.
Now, it is at a strong supply zone , owing to which price has reversed in the near-term.
Also, the RSI indicator is perched at the 70 level mark.
Hence, a profit booking rally is imminent in the counter if at all a trend reversal.
The next support zones are the price action support at 111.399 and the ascending trendline . Traders can expect a swift rally to any of these zones.
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