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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

  • Market Data
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