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CHF/JPY forms rounding bottom, good to buy above 113.60

  • Pattern formed – Rounding bottom
     
  • Major Support- 113
     
  • CHF/JPY is consolidating between 113.06 and 113.61 for the past three trading session. The pair hits high of 113.61 on Nov 22nd and is currently trading around 113.53.
     
  • The intraday trend is slightly bullish as long as support 113 holds. Any break below 113 will drag the pair down till 112.50/111.93 (61.8% retracement).
     
  • The near term resistance is around 113.60 and any break above will take the pair to next level 113.82 114.09 (61.8% fibo)/114.35/114.70.

 It is good to buy above 113.60 with SL around 113 for the TP of 114.50/114.70. 

 

               

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