FxWirePro: CHF/JPY Trade idea

• Candlestick pattern formed – Shooting star (4 hour chart).
   
• The pair has shown a trend of bullishness for the past one month from the low of 112.58 made on Jun 14th 2017. It hits high of 118.60 yesterday and is currently trading around 118.30.
   
• Technically the pair is facing major support around 117.80 (4H Kijun-Sen) and any break below confirms minor weakness. Any break below will drag the pair down till 117.30/116.22 (100- 4H MA).
   
• In the 4H chart, the pair has formed bearish divergence in RSI and MACD. So a minor dip till 117.30 is possible.
   
• On the higher side, 118.60 will be acting as major resistance and any break above will take the pair till 119.25/120 in the short term.
  
  It is good to sell on rallies around 118.55-118.60 with SL around 119.25 for the TP of 117.80/117.30.

Resistance
                   

R1-118.60
                               

R2 -119.25          
 

R3- 120
 

Support   
 

S1-117.80
 

S2-117.30

 

S3-116.22