CHF/JPY trade idea

• Major resistance – 104.75 (3 day EMA)
   
• Major support – 101.70 (Jun 24th 2016 low)
   
• The pair has recovered from the low of 102.82 made today morning and jumped till 103.50 at the time of writing.
   
• It is currently trading around 103.46. The decline from 111.42 to 101.73 will come to an end only if closes above 106 level.
   
• The pair should close above 106 for further bullishness.
   
• On the lower side, any break below 102.80 will drag the pair down till 101.75/101.
   
• The major resistance is around 104.02 (23.6% retracement of 111.43 and 101.72) and any break above targets 104.75/105.45/106.

It is good to sell on rallies around 103.85-103.90 with SL around 104.75 for the TP of 102.85/101.75.

R1- 104.02

 R2-104.75

 R3-106

Support

S1- 102.80

S2-101.70

S3-101