Ichimoku analysis (Daily Analysis)
Kijun-Sen- 108.95
Tenken-Sen- 109.59
CHFJPY is consolidating in a tight range between 107.61 and 110.81 for the past 3 months. It hits an intraday high of 109.816 and is currently trading around 109.18. USDJPY is still in bearish phase and any minor movement only above 107.20 levels. The Swiss franc is trading slightly weak for the day after 3 days of continuous weakness.
Immediate near term resistance is around 109.28 (61.8% fib) and any violation above will take the pair to next level till 109.80-110. Any break above 110 will take the pair till 110.80.
On the flips side, the near term major support is around 108.90 and any violation below targets 108.50/108.20/108. Any break below 107.50 confirms bearish continuation.
It is good to sell on rallies around 109.45-50 with SL around 110 for the TP of 107.90.
