A lot of the JPY pairs are moving higher and during the last session have broken out of their near term resistance or range areas.
The pair we are taking a closer look at today is the CHFJPY on the daily chart. This pair has been in a strong up-trend in recent times, and has now broken out of the resistance that was holding this pair.
For traders that like to trade with the trend on their side, the CFHJPY could be a possible pair to keep an eye on. If price rotates back lower and shows some value, a good opportunity to buy at a logical support area could present on the daily or 4hr chart.
The chart below shows the support level that could act as the next area to hold this pair for further pushes higher.
CHFJPY DAILY CHART – 21 NOV 2012
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