FxWirePro: CHF/JPY Trade Idea

Ichimoku analysis (Daily chart)

Tenken-Sen - 112.96

Kijun-Sen - 112.65

CHF/JPY recovered sharply after a minor decline below 200- day MA. The hits low of 112.19 and shown a jump of more than 70 pips.This shows that pair formed minor bottom around 112.19 and a jump till 113.74 is possible. It is currently trading around 112.91.

On the lower side, near term support is around 112.37 (200- day MA) and any daily close below targets 112/111.55.

The near term resistance is around 113 and any break above targets 113.25-113.36 (55 day EMA and 89 day EMA)/113.75.

It is good to buy on dips around 112.55-60 with SL around 112.35 for the TP of 113.75.

Resistance

R1- 113.25
 

R2 - 113.75
 

R3- 114

Support               

S1- 112.65

S2- 112.35

S3- 112