FxWirePro: CHF/JPY Faces Strong Support at 112.80, Good to Buy at Dips

FxWirePro: CHF/JPY Faces Strong Support at 112.80, Good to Buy at Dips

20 April 2016, 14:24
Roberto Jacobs
0
4

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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