FxWirePro: CHF/JPY downside capped by 100 –day MA, good to buy on dips
CHFJPY has showing a huge sell off for the past three weeks after forming a top around 118.60 on Jul 10th 2017. It is currently trading around 114.30. The pair has taken support near 100- day MA at 113.65 and jumped slig…
CHFJPY has showing a huge sell off for the past three weeks after forming a top around 118.60 on Jul 10th 2017. It is currently trading around 114.30.
The pair has taken support near 100- day MA at 113.65 and jumped slightly from that level. The near term resistance is around 114.65 (89- day EMA) and any break above will take the pair till 115.47 (55- day EMA)/116.83 (61.8% retracement of 118.60 and 113.80).
On the lower side, any break below 113.65 will drag the pair till 112.50 (Jun 15th 2017)/112.
It is good to buy on dips around 113.60-113.65 with SL around 112.50 for the TP of 115.48/116.50.
