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FxWirePro: CHFJPY trades above 110 level, jump till 112 likely
Ichimoku Analysis (1-hour chart)
CHFJPY has shown a minor jump above 110 level but still trading in range-bound. The slight bullishness was mainly due to strength in the Swiss franc, especially against USD. USDCHF is trading weak for 3rd consecutive days and declined more than 70 pips.
The minor trend is bullish as long as support 109 holds. It hits an intraday high of 110.11 and is currently trading around 110.04.
The yen is consolidating between a narrow range after hitting a high of 109.48 against USD. Any break above 109.50 targets 110/110.60.
On the flip side, near term support is around 109.70, violation beneath will drag the pair down till 109.20/109.
The near term resistance is around 110.20-40, the break above will take the CHFJPY to next level 110.80/112.
It is good to buy on dips around 109.70 with SL around 109 for the TP of 112.