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FxWirePro: CHFJPY takes support near 200- day MA, break below targets 110
Ichimoku Analysis (Daily chart)
CHFJPY is trading lower for 5th consecutive days and declined more than 250 pips. The pair has formed a temporary top around 113.99 and started to decline. The strength in JPY especially against USD is supporting this pair at lower levels. USDJPY lost more than 250 pips from a high of 111.68.
On the flip side, near term support around 111.16 (200-day MA) and any violation below will drag the pair down till 110.40/109.50.
The immediate resistance is around 111.86 and any indicative break above targets 112.33/113.
It is good to sell on rallies around 111.85-90 with SL around 112.50 for TP of 110.20.