FxWirePro: CHFJPY Daily Outlook
Shooting Star (8-hour chart)
Ichimoku Analysis (8-hour chart)
CHFJPY has halted its ten days of the bullish trend and lost more than 130pips from high 116.30. The pair was one of the best performers in the past 3- weeks and gained more than 300 pips on the strong Swiss franc. USDCHF recovered sharply from 5-1/2 low and jumped 200 pips. Any violation above 0.9265 confirms bullish continuation.
On the lower side, near-term support is around 114.94 (61.8% fib) and any violation below will drag the pair down till 114.25/114/113. The next primary resistance to be watched is 116.30 and break above that level targets 117/118.
It is good to sell on rallies around 115.25-30 with SL around 116 for the TP of 113.