FxWirePro: CHF/JPY Trade Idea

• Chart Pattern formed- Ascending triangle.
   
• Intraday major support – 114.70.
   
• CHFJPY consolidates in narrow range after hitting high of 115.21 level. The pair declined till 114.92 yesterday and is currently trading around 115.09.
   
• The pair is trading slightly above hourly Kijun-Sen at 114.89 and extreme bullishness only above 115.21 level.
   
• On the lower side, near term intraday support is around 114.70 (trend line joining 113.84 and 114.57) and any break below will drag the pair to next level till 114.50/114.27 (61.8% retracement of 113.66 and 115.24). Short term weakness only below 113.66.
   
• The near term resistance is at 115.21 and break above targets 116/116.15.

It is good to buy above 115.20 with SL around 114.70 for the TP of 116/116.20

Resistance
 

R1-115.20
 

R2 -116
 

R3-116.20
 

Support               
 

S1-114.70
 

S2-114.50
 

S3- 114.29