FxWirePro: CHF/JPY faces strong support at 113.30, good to buy on dips
Pattern Formed- triple Bottom Major Support- 113.30 CHF/JPY has declined sharply after hitting high of 114.70 on Nov 14th 2017. The pair hits low of 113.36 at the time of writing. It is currently trading around 113.46. S…
CHF/JPY has declined sharply after hitting high of 114.70 on Nov 14th 2017. The pair hits low of 113.36 at the time of writing. It is currently trading around 113.46.
Short term trend is slightly bullish as long as support 113.30 holds. Any break below 113.30 will drag the pair down till 112.50/111.93 (61.8% retracement).
The near term resistance is around 113.67 (23.6% retracement of 114.70 and 113.35) and any break above will take the pair to next level 114.15 (20- 4H MA)/114.50/114.709 (233- 4H MA).
It is good to buy on dips around 113.30 with SL around 112.95 for the TP of 114/114.20.