CHF/JPY Trade idea

• Major resistance – 114.65 (200 4 HMA)
   
• Major support – 113.40
   
• The pair has broken minor resistance 114.27 and jumped till 114.59. It is currently trading at 114.59.
   
• Short term trend is slightly bullish as long as support 113.40 holds.
   
• On the higher side any break above 114.65 will take the pair to next level 115.20 (55 day EMA)/116.
   
• Any violation below 113.40 will drag the pair till 112.80/112.The minor support is around 114.
   
• Overall bullish invalidation only below 111.50.

It is good to buy at dips around 114.50 with SL around 114 for the TP of 115.20/116

R1-114.65

R2-115.20

R3-116

Support

S1-114

S2-113.40

S3-112.80