Ichimoku Analysis (4-hour chart)
Tenken-Sen- 111.36
Kijun-Sen- 111.20
CHFJPY is trading in narrow range between 110.97 and 112.417 for past two trading days. The pair lost more than 450 pips in past 2-week on strong yen. USDJPY showed a major sell-off from recent high and declined more than 1100 pips.
Technically, immediate resistance is around 112.50 and any violation above will take the pair to the next level till 113.25/113.60.
On the flip side, near term support is at 111.70 and any break below targets 111/110/109.50.
It is good to buy on dips around 111.65.70 with SL around 111 for the TP of 113.25.
