FxWirePro: CHF/JPY Trade Idea

Overall trend : Bullish

Candle stick pattern- Three white soldiers (daily chart)

Ichimoku Analysis (Daily Chart)

Tenken-sen- 112.05

Kijun-Sen- 112.02

Trend reversal level (intra day)- 113.30

CHF/JPY is continuously trading for past 4 trading session and jumped more than 250 pips from the low. It hits high of 113.33 at the time of writing. It is currently trading around 113.07.

Any break above major resistance 113.30 will take the pair to next level 114/114.45.

On the lower side, any violation below 112.74 (23.6% fib) will the drag the pair to next level till 112.25 ( 5 day MA)/112.

It is good to buy on dips around 112.95-113 with SL around 112 for the TP of 114.45.

Resistance

R1- 113.48
 

R2 - 114
 

R3- 114.45

Support               

S1- 112.77

S2- 112.33

S3- 112