FxWirePro: CHF/JPY Faces Strong Support at 112.80, Good to Buy at Dips
- Major resistance – 114
- Major support – 113
- The pair has made a high of 113.98 and declined from that level. It is currently trading at 113.65.
- Short term trend is slightly bullish as long as support 112.80 (Tenken-Sen) holds.
- On the higher side any break above 114 will take the pair to next level 114.45 (Kijun-Sen)/115.20 (55 day EMA)/116.
- Any violation below 112.80 will drag the pair till 112/111.49 (18th Apr 2016 Low).
- Overall bullish invalidation only below 111.50.
It is good to buy at dips around 113.25-30 with SL around 112.80 for the TP of 114/115.20
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