FxWirePro: CHFJPY Trade Idea

Ichimoku (4 hour chart)

Tenken-Sen- 114.32

Kijun-Sen- 113.76

CHFJPY is trading higher for 4th consecutive day from the low of 112.89. The pair hits high of 114.63 and shown a minor dip. It is currently trading around 114.22.

On the higher side, near term trend line resistance is around 114.65 and any break above confirms minor bullishness. Any break above 114.65 targets 115/115.58 (61.8% fib).

The near term support is around 114 and any violation below will drag the pair to next level till 113.65 (89- 4 H EMA)/113.20 (200- 4H MA). The pair should break below 112.85 for further direction.

It is good to buy on dips around 114 with SL around 113.20 for the TP of 115.58.

Resistance

R1- 114.70

R2 - 115

R3- 115.58

Support               

S1- 114

S2- 113.65

S3- 113.20