FxWirePro:CHF/JPY trades slightly above 200 - day MA, jump till 115 likely
CHF/JPY has once again jumped sharply from the low of 111.85 (Jul 13th 2018.The pair is trading high for second consecutive day and jumped more than 60 pips for the day.The pair hits intraday high of 113.19 and is tradin…
CHF/JPY has once again jumped sharply from the low of 111.85 (Jul 13th 2018.The pair is trading high for second consecutive day and jumped more than 60 pips for the day.The pair hits intraday high of 113.19 and is trading around 113.08.
The recovery in the pair was mainly due to broad based selling in USD and geo political tensions between US and other economies. Any close above 113 (200-day MA) confirms major trend reversal and a jump till 113.67/114.89 is possible.
On the lower side , near term support is around 112.50 and any violation below targets 112/111.36 (20- day MA). Major trend reversal can happen only below 110.
It is good to buy on dips around 113 with SL around 112.48 for the TP 114/114.85.
