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CHFJPY: Shooting star and double top
Candlestick pattern- Shooting Star
Ichimoku Analysis (1-hour chart)
CHFJPY has once again declined after hitting a high of 114.59. The pair has formed almost a double top at 114.59 (Jun 5th, 2020 high). It was the best performing in the past two months and surged more than 600 pips on the strong Swiss franc. The demand for Safe-haven assets like Swiss franc increased on the spread of Coronavirus. USDCHF continues to trade lower, any violation below 0.9370 will drag the pair down till 0.9300/0.9255.
On the lower side, near-term support is around 114.07 (Kijun-Sen) and any violation below will drag the pair down till 113.79/113.40/113.
The next primary resistance to be watched is 114.65 and break above that level targets 115/116.17. Significant trend continuation only above 114.65.
It is good to sell on rallies around 114.20-25 with SL around 114.85 for the TP of 113.