FxWirePro: CHF/JPY trade idea

Overall trend : Bullish

Ichimoku Analysis (daily chart)

Tenken-sen- 114.94

Kijun-Sen- 113.35

Trend reversal level (intra day)- 116.27 (161.8% fib)

As per our analysis CHF/JPY was trading higher and jumped sharply almost 150 pips from the low of 114.50. The pair hits high of 116.08 and is currently trading around 115.89.

On the lower side, near term support is around 114.66-81 (10 - day MA and 23.6% fib) any break below will drag the pair to next level till 113.65. Any break below 113.65 will drag the pair to next level till 113.

The near term major resistance is around 116.27 (161.8% fib) and any break above will take the pair to next level till 116.50/117/117.43 (88.6% fib).

It is good to buy on dips around 115.45-50 with SL around 114.80 for the TP of 117.42.

Resistance

R1- 116.27
 

R2 - 117
 

R3- 117.42

Support               

S1- 114.65

S2- 114

S3- 113.70