FxWirePro:CHF/JPY trade Idea

Major resistance- 113.25.

The pair has declined once again after showing a minor jump above 113. The pair hits high of 113.17 and declined almost 80 pips from that level.

CHJPY is trading weak and has closed slightly below ichimoku cloud and this confirms minor weakness a dip till 111.50 is possible. The near term support is around 112.10 (220- H MA) and any break below targets 111.50/111.

The near term resistance is around 112.56-112.60 (55- and 34 H EMA) and any break above will take the pair till 113/113.20. Any minor trend reversal only above 113.25.

It is good to sell on rallies around 112.35-40 with SL around 112.80 for the TP of 111.50/111.

Resistance

R1- 112.60

R2 –113

R3- 113.25

Support               

S1- 112.10

S2- 111.50

S3- 111