FxWirePro: CHFJPY forms a cup and handle pattern, jump till 112.50 likely

Chart pattern- Cup and handle pattern

 Ichimoku Analysis (4 Hour chart)

Tenken-Sen- 110.31

Kijun-Sen- 110.16

CHFJPY has broken 111.50 after a long consolidation. The jump was mainly due to strong Swiss franc against all majors. USDCHF hits 2-week low at 0.96380 on broad-based US dollar selling and an increase in demand for safe-haven assets like the Swiss franc, gold.

The pair is trading above 111.52 (May 1st, 2020) and hourly close above that level targets 112.50/114. The decline from 113.99 will end at 108.67 only if it breaks 112.50. The immediate support stands at 110.69 (200- 4H MA) and breaks below will drag the pair down till 110.14/109.90/109.50.

It is good to buy on dips around 111.40-45 with SL around 111 for the TP of 112.50.