Ichimoku analysis (hourly chart)
Kijun-Sen- 109.62
Tenken-Sen- 109.59
CHFJPY is consolidating in a tight range between 109.27 and 109.82. It hits an intraday high of 109.72 and is currently trading around 109.66. USDJPY is still neutral phase and any major movement only above 109 level. The Swiss franc trades flat against USD and awaits the US Fed policy meeting which is to be released today for further direction.
Immediate near term resistance is around 110 and any violation above will take the pair to next level till 110.81 high made on Jul 1st, 2019. Any further jump till 111.14,111.31 and 112.16 can be seen only above this level.
On the flips side, the near term major support is around 109.40 (61.8% fib) and any violation below targets 109/108.50/108.21. Any break below 107.50 confirms bearish continuation.
It is good to buy on dips around 109.55-60 with SL around 109 for the TP of 110.80.
