CHF/JPY Trade idea

• Major support – 107.40 (trend line joining 105.61 and 107.08)
   
• The pair declined till 107.54 at the time of writing after making a high of 108.45. It is currently trading around 107.74.
   
• In the hourly chart the pair trades slightly above Tenkan-Sen (107.76) and Kijun-Sen (107.37). So a short term weakness only below 107.40.
   
• Any violation below 107.40 will drag the pair down till 107.05/106.76 (55 H EMA).
   
• On the higher side, resistance is at 108.13 (61.8% retracement of 108.45 and 107.54) and any indicative break above targets 108.45/109.10/110.

It is good to buy at dips around 107.65-107.70 with SL around 107.40 for the TP of 108.45/109.10

R1- 108.45

R2-109.10

 R3-110

Support

S1-107.40

S2-107.05

S3-106.76