FxWirePro: CHFJPY takes support near trend line, jump till 112 likely

Ichimoku Analysis (4-hour chart)

Tenken-Sen- 111.01

Kijun-Sen- 111.08

CHFJPY has taken support near trend line and shown a more than 80 pips jump till 111.33. The sudden jump in this pair came after a minor strength in Swiss franc. USDCHF lost more than 50 pips from an intraday high of 0.97277 and is currently trading around 0.96810.

On the flip side, near term support is at 111 and any violation below will drag the pair down till 110.35 (trend line support). Break below 110.35 targets 109.54.

The immediate resistance is at 111.50, an indicative break above will take the pair till 111.92/112.52.

It is good to buy on dips around 111.10-15 with SL around 110.50 for the TP of 112.50.