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FxWirePro: Buy CHFJPY on dips

Ichimoku analysis (Hourly chart)

 

Tenken-Sen- 108.95

 

Kijun-Sen- 108.73

 

CHFJPY has halted its nearly 1-month of weakness and shown a minor jump of nearly 150 pips. The pair was trading lower and lost more than 400 pips from high of 111.97 made on Apr 12th 2019. the decline was due to increasing safe haven demand like yen. It hits low of 107.61 and is currently trading around 108.90.

 

The near term resistance is around 109.30 and any break above will take the pair to next level till 110/110.34.

 

On the lower side, near term support is around 108.50 and any violation below will drag the pair to next level till 108/107.60. Any major weakness only below 107.60.

 

It is good to buy on dips around 108.75-80 with SL around 108.50 for the TP of 110/110.30.

 

 

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