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FxWirePro: CHFJPY breaks minor trend line support, dip till 112.20 likely

Ichimoku Analysis (Hourly chart)

 

Tenken-Sen- 113.28

 

Kijun-Sen- 113.48

 

CHFJPY has halted its 3-week of winning streak and lost more than 100 pips. The decline was mainly due to a slight recovery in yen on increasing demand for Safe-haven assets. The geopolitical tensions and coronavirus is preventing CHFJPY from further gains. It hits Intraday low of 113.03 and is currently trading around 113.265.

 

Technically, near-term support is around 113 and any indicative break below will drag the pair down till 112.50/112.20.

 

The immediate resistance is at 113.75, violation above will take the pair till 114/114.50.

 

It is good to sell on rallies around 113.45-50 with SL around 114 for the TP of 112.20.

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