FxWirePro: CHF/JPY Trade Idea

• CHFJPY has once again jumped sharply from the low of 110.30 (previously market jumped after hitting low of 110.11 (Jun 19th 2018)). The pair recovered more than 150 pips and hits intraday high of 112.07.
   
• The recovery in the pair was mainly due to easing geo political tensions which is dragging the yen lower against all majors. Any break above 112.20 confirms minor trend reversal and a jump till 113 (200- day MA)/113.48 (Mar 6th 2018 high) is possible .
   
• On the lower side , near term support is around 111.10-20 (20 day MA and 55-day EMA) and any violation below targets 110. Major trend reversal can happen only below 110.
  
  It is good to buy on dips around 111.75-80 with SL around 111 for the TP 113.50.  

Resistance

R1- 112.20
 

R2 –113
 

R3- 113.50

Support               
 

S1- 111
 

S2-110
 

S3-109