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FxWirePro: Buy CHFJPY on dips

Ichimoku analysis (Hourly chart)

 

Tenken-Sen- 109.04

 

Kijun-Sen- 108.80

 

As per our analysis CHFJPY is trading higher and jumped more than 35 pips from intraday low of 108.87. The jump was due to due slight weakness in yen on slight easing trade tensions. In the past 1-month it was trading weak and lost nearly 400 pips from 111.97 high made on Apr 12th 2019. It hits intraday high of 109.30 and is currently trading around 109.27.

 

The near term resistance is around 109.30 and any break above will take the pair to next level till 110/110.34.

 

On the lower side, near term support is around 108.78 (55- H EMA) and any violation below will drag the pair to next level till 108.50/108/107.60. Any major weakness only below 107.60.

 

It is good to buy on dips around 109.15-20 with SL around 108.78 for the TP of 110/110.30.

 

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