FxWirePro: CHFJPY trades higher, markets eye Trump's news conference
Ichimoku Analysis (4 Hour chart)
CHFJPY has taken support near 55-8H EMA and jumped more than 150 pips. The jump was mainly due to strong Swiss franc against all majors. USDCHF declined more than 100 pips from minor top 0.97363 made on May 25th due to broad-based US dollar selling. Markets are eagerly waiting for Trump's China news conference for further direction.
The pair is facing strong resistance at 112.52 and hourly close above that level targets 114. The decline from 113.99 will end at 108.67 only if it breaks 112.50. The immediate support stands at 111.34 (200- 8H MA) and breaks below will drag the pair down till 110.80/110/109.69.
It is good to buy on dips around 111.80-85 with SL around 111.30 for the TP of 113.20.