FxWirePro: CHFJPY hits 3-month high on increased risk appetite, jump till 114 likely

Ichimoku Analysis (Weekly chart)

Tenken-Sen- 110.97

Kijun-Sen- 111.52

CHFJPY continues to trade higher for the 4th consecutive week and jumped more than 350 pips on weak yen. The risk appetite has increased due to the easing of lockdown and COVID-19 vaccine hope. USDJPY is trading well above 200-day MA and hits 4 –week high at 108.84. Any indicative break above 109.38 (Apr 6th high) confirms further bullishness.

The pair is holding above the short term moving average 100 and 200-day W MA (111.07/111.58). The next major resistance to be watched is 113.25 (trend line resistance) and break above that level targets 113.58/114 (Mar25th high)/114.27 (Feb 21st high). The immediate support stands at 112 and breaks below will drag the pair down till 111.43/110.61.

It is good to buy on dips around 112.35-40 with SL around 111.75 for the TP of 114.