FxWirePro: CHF/JPY Trade Idea

• Major Intraday Trend line resistance - 112
   
• Major trend line support - 111.50.
   
• Pattern formed- Lower High and higher low (first high 112.16 and after wards it hits low of 111.61 ( low made yesterday) and shown a minor recovery till 112.05 (lower high). But it has broken yesterday low of 111.61 and declined till 111.54 (higher low). This shows the pair is trading weak, a dip till 111 (Jul 5th low)/110.30 (Jun 28th low ) is possible.
   
• On the higher side,near term resistance is around 112-112.05 (trend line resistance ichimoku cloud bottom) and nay break above will take the pair next level till 112.36/112.62.The pair should break above 113.26 for further direction.

It is good to sell on rallies around 111.65-70 with SL around 112. for the TP of 111/110.30.

Resistance

R1- 112.05

R2 –112.36

R3- 112.62

Support               

S1- 111

S2- 110.30

S3-110