FxWirePro: CHF/JPY Trade Idea

• Major support – 113.72 (trend line joining 113.09 and 113.29).
   
• CHF/JPY declined almost 200 pips from the high of 116.16 made on Jan 5th 2018. The pair breaks 233 –day MA at 113.96 and shown a mild dip till 113.79. It is currently trading around 113.95.
   
• Any daily close below 114 (233- day MA) will drag the pair down till 113.72/113.29 (Dec 15th 2017 low)/112.96.
   
• On the higher side, near term resistance is around 114.21 (50- day MA) and any break above will take the pair to next level till 114.56 (55- day EMA)/115/115.21. Short term bullish continuation only above 116.50.

It is good to buy on dips around 113.75 with SL around 113.30 for the TP of 114.55/115.

Resistance
 

R1-114.21
 

R2 -114.56
 

R3-115
 

Support               
 

S1-113.70
 

S2-113.30
 

S3-112.95