CHF/JPY Trade Idea

• Major resistance – 114
   
• Major support – 113
   
• The pair has made a high of 113.98 and declined from that level. It is currently trading at 113.65.
   
• Short term trend is slightly bullish as long as support 112.80 (Tenken-Sen) holds.
   
• On the higher side any break above 114 will take the pair to next level 114.45 (Kijun-Sen)/115.20 (55 day EMA)/116.
   
• Any violation below 112.80 will drag the pair till 112/111.49 (18th Apr 2016 Low).
   
• Overall bullish invalidation only below 111.50.

It is good to buy at dips around 113.25-30 with SL around 112.80 for the TP of 114/115.20

R1-114

 R2-114.50

R3-115.20

Support

S1-112.80

S2- 112

S3-111.50