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FxWirePro: CHFJPY Trade idea

Tuesday, May 16, 2017 12:43 PM UTC

CHF/JPY broken the previous high of 114.31 made on May 8th 2017 and jumped till 114.67 at the time of writing. It is currently trading around 114.72.
The pair short term trend is bullish and is expected to reach 115.50 in the short term as the long as support 112.50 holds. Bullish continuation can be seen above 115.50 level. Any break above 115.50 will take the pair to next level till 117.30.
On the lower side, near term minor support is around 113.65 (4H Kijun-Sen) and any break below will drag the pair till 113.20 (55 4H EMA)/112.65 (100 4H EMA).

It is good to buy on dips around 114.20 with SL around 113.60 for the TP of 115.50/117.25.

Resistance

R1-114.80

R2 -115.50

R3- 117.30

Support

S1-113.65

S2-113.20

S3- 112.65

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FxWirePro: CHFJPY Trade idea

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