FxWirePro: CHF/JPY trade Idea

FxWirePro: CHF/JPY trades higher for third consecutive day, jump till 114.25 likely

Ichimoku analysis (Daily chart)

Tenken-Sen - 112.65

Kijun-Sen - 113.64

CHF/JPY trades higher for 3rd consecutive day and jumped more than 100 pips this week. It has recovered more than 200 pips from low of 111.55. It hits high of 113.74 and is currently trading around 113.56.

The pair is facing resistance around 113.70 high made on Oct 16th 2018. Any break above 113.70 targets 114.05 (50% fib)/114.25.

On the lower side, 113.20 (23.6% fib) will be acting as near term support and any break below will drag the pair till 112.80 (20- day MA)/112.50 (200- day MA)/112.

It is good to buy on dips around 113.20-25 with SL around 112.79 for the TP of 114.25.

Resistance

R1- 113.70

R2 - 114.05

R3- 114.25

Support               

S1- 113.20

S2- 112.80

S3- 112.50