FxWirePro: CHFJPY hits 13-month high, jump till 115.80 likely

Ichimoku Analysis (8 Hour Chart)

Tenken-Sen- 113.37

Kijun-Sen- 112.529

As per our analysis, CHFJPY jumped sharply this week and surged nearly 90 pips on strong Swiss Franc. It is trading higher against all majors especially Vs. US dollar and broken principal support 0.96450 level. This confirms extreme weakness and a dip till 0.9540 likely. US President Trump has signed an 86 page initial trade deal agreement with senior Chinese leaders yesterday after two years of negotiations. The trade optimism and easing geopolitical tension have dampened demand for Safe-haven assets like yen. It hits a high of 114.31 and is currently trading around 114.27.

USDJPY consolidating after hitting a high of 110.21. The overall trend is higher as long as 109.40 holds, a dive till 110.60/111.

Technically, primary support is around 113.50 (23.6% fib) and the break beneath targets 112.80/112.50/112.22. Major bearish continuation only beneath 110.80.

The significant resistance is at 114.35, the violation beyond will take the pair to the next level till 114.60/115/115.80.

It is good to buy on dips around 113.55-60 with SL around 112.50 for the TP of 115.60.

Resistance

R1- 114.35

R2-114.60

R3-115

Support

S1-113.50

S2-112.80

S3-112.50