FxWirePro: CHF/JPY faces strong support at 112.80, good to buy at dips

• Major resistance – 114
   
• Major support – 113
   
• The pair has made a high of 113.98 and declined from that level. It is currently trading at 113.65.
   
• Short term trend is slightly bullish as long as support 112.80 (Tenken-Sen) holds.
   
• On the higher side any break above 114 will take the pair to next level 114.45 (Kijun-Sen)/115.20 (55 day EMA)/116.
   
• Any violation below 112.80 will drag the pair till 112/111.49 (18th Apr 2016 Low).
   
• Overall bullish invalidation only below 111.50.

It is good to buy at dips around 113.25-30 with SL around 112.80 for the TP of 114/115.20