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FxWirePro:CHF/JPY faces strong trend line support at 107.40, good to buy on dips

  • Major support – 107.40 (trend line joining 105.61 and 107.08)
     
  • The pair declined till 107.54 at the time of writing after making a high of 108.45. It is currently trading around 107.74.
     
  • In the hourly- chart the pair trades slightly above Tenkan-Sen (107.76) and Kijun-Sen (107.37). So a short term weakness only below 107.40.
     
  • Any violation below 107.40 will drag the pair down till 107.05/106.76 (55 H EMA).
     
  • On the higher side, resistance is at 108.13 (61.8% retracement of 108.45 and 107.54) and any indicative break above targets 108.45/109.10/110.

It is good to buy at dips around 107.65-107.70 with SL around 107.40 for the TP of 108.45/109.10

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