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FxWirePro: CHF/JPY trade idea

  • CHFJPY continuing its losing streak for the past one month after hitting the high of 114.30 on Mar 14th 2017. The pair has broken major support 200- day MA at 109 and declined till 107.68 at the time of writing. It is currently trading around 107.94.
     
  • The pair is the oversold territory (RSI –around 20) level and MACD (Bearish divergence) . So a minor jump till 109.15 (7- day MA) likely.
     
  • JPY is trading against all major pairs on account of geopolitical tensions in North Korea.
     
  • On the lower side, near term support is around 106.99 (61.8% retracement of 101.73 and 115.51) and any break below will drag the pair down till 104.

    It is good to buy on dips around 107.75-80 with SL around 106.99 for the TP of 109.15/110.

 Resistance                                                                             

R1-109.15              

R2 -110

R3- 111.59.

Support                   

S1-107.60

S2-106.99

S3-105

 

 

 

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