FxWirePro: CHFJPY hits 1-year high, jump till 114 likely

Ichimoku Analysis (4 Hour Chart)

Tenken-Sen- 112.51

Kijun-Sen- 112.01

CHFJPY is trading higher for 5th consecutive days after forming a minor bottom around 110.89. The trade deal optimism and easing of US-Iran tension are putting pressure on Safe-haven assets like yen. It hits a high of 112.78 and is currently trading around 112.746.

USDJPY continues to trade higher and any break higher 109.75 confirms further bullishness, a jump till 110.60/111.

Technically, primary support is around 112.02 (55-4H EMA) and the break beneath targets 111.60/110.90 (200-4H MA). Major bearish continuation only beneath 110.80.

The significant resistance is at 112.80, the violation beyond will take the pair to the next level till 113.12/113.60/114.16.

It is good to buy on dips around 112.50 with SL around 112 for the TP of 114.