CHF/JPY forms rounding bottom, good to buy above 113.60

FX:CHFJPY   瑞郎/日元
124 1
Pattern formed – Rounding bottom

Major Support- 113

CHF/JPY is consolidating between 113.06 and 113.61 for the past three trading session. The pair hits high of 113.61 on Nov 22nd and is currently trading around 113.53.

The intraday trend is slightly bullish as long as support 113 holds. Any break below 113 will drag the pair down till 112.50/111.93 ( 61.8% retracement ).

The near term resistance is around 113.60 and any break above will take the pair to next level 113.82 114.09 (61.8% fibo)/114.35/114.70.

It is good to buy above 113.60 with SL around 113 for the TP of 114.50/114.70.

Daily timeframe - from the 17th nov 5 daily long tailed bullish candles with the last doji precipitating the long green candle on Friday which broke above the rising 1 year MA, next potential resistance is the flattish 3 monthly ma at around 114.70, looks like a bullish set-up to me short and medium term but frequently wrong so take with a pinch of salt and DYOR, good enough signs to get me interested and positive vibes coming out of brexit negotiations but that can change in a heartbeat of course

The 3 month MA is sitting bang on 114.70 which is one of your targets on the trendline, fascinating how the same level is reached using 2 different parameters, that is why I love technical analysis so much
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