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FxWirePro: CHF/JPY downside capped by trend line support, good to buy on dips

  • Major support – 113.72 (trend line joining 113.09 and 113.29).
     
  • CHF/JPY declined almost 200 pips from the high of 116.16 made on Jan 5th 2018. The pair breaks 233 –day MA at 113.96 and shown a mild dip till 113.79. It is currently trading around 113.95.
     
  • Any daily close below 114 (233- day MA) will drag the pair down till 113.72/113.29 (Dec 15th 2017 low)/112.96.
     
  • On the higher side, near term resistance is around 114.21 (50- day MA) and any break above will take the pair to next level till 114.56 (55- day EMA)/115/115.21. Short term bullish continuation only above 116.50.

It is good to buy on dips around 113.75 with SL around 113.30 for the TP of 114.55/115.

 

 

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