Harmonic pattern formed - Bullish Cypher pattern
Ichimoku Analysis (4 Hours chart)
Tenken-Sen - 112.75
Kijun-Sen- 113.20
The pair has halted its one week decline and shown a minor jump from low of 112.24. CHFJPY has almost formed a double bottom near 112.20. It is currently trading around 112.82.
The near term major resistance is around 113.45 (200- 4H EMA) and any break above will take the pair to next level till 113.88/114.18/114.63. It should break above 114.65 for further direction.
On the lower side, any violation below 112.15-20 confirms bearish continuation and a dip till 111.55/111 is possible.
It is good to buy on dips around 112.15-20 with SL around 111.55 for the TP of 114.55.
