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CHF/JPY downside capped by 200 –day MA, good to buy on dips

FX:CHFJPY   France Swiss/Yen Jepun
85 0 6
Major support – 111 (100 –day MA)

Major resistance -113.22 (daily Kijun-Sen)

CHF/JPY             has taken support near 100- day MA and jumped sharply from that level. It is currently trading around 112.96.

The pair jumped till 112.99 at the time of writing and slightly declined from that level. Short term trend is slightly bullish as long as support 111 holds.

JPY is trading weak against all major pairs on account of increased probability of US Fed rate hike in Mar.

On the higher side, any break above 113.22 will take the pair till 113.79 (Feb 16th high)/ 115.50 (Dec 30th 2016 high).The pair correction ends at 111.02 form the high of 115.51 and any further weakness only below 110.92.

It is good to buy on dips around 112.35-40 with SL around 111 for the TP of 115/115.50.
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