FxWirePro: CHFJPY Trade Idea

Ichimoku Analysis (1- Hour chart)

Tenken-Sen- 109.60

Kijun-Sen- 109.82

As per our analysis, CHJPY is trading weak and lost more than 60 pips in the past two days. The dip was mainly due to slight slight strength in Japanese yen on ongoing trade uncertainty. It has formed a temporary top around 110.39 on Oct 21st, 2019 and is currently trading around 109.53.

USDJPY continues to trade lower and lost more than 100 pips. Any break below 108.40 confirms intraday weakness and a dip till 108.20/107.80 likely.

Technically, the pair is trading well below 200-H MA at 109.79 and this confirms minor weakness, dip till 109.35/109. Major trend continuation only below 109.

On the higher side, major resistance for the day stands at 110.40 and indicative jump above that level targets 111/112.

It is good to sell on rallies around 109.65-70 with SL around 110 for the TP of 109/108.78.

Resistance

R1- 110.25

R2-110.40

R3- 111

Support

S1-109.35

S2-109

S3-108.78