FxWirePro: Sell CHFJPY on rallies

Ichimoku Analysis (4- Hour chart)

Tenken-Sen- 110.03

Kijun-Sen- 109.80

As per our analysis, CHJPY has halted its 1- week bullish trend and shown nearly 50 pips dip on strong yen. The trade deal uncertainty between the US and China is supporting safe-haven assets like yen, gold and Swiss Franc. The pair hits a low of 109.86 at the time of writing and is currently trading around 109.86.

USDJPY has shown a minor recovery from an intraday low of 108.42 after Bloomberg reported that US-China moves closer to deal. But minor bullishness can be seen only above 109.80.

Technically, near-term support is at 109.80 and any violation below will drag the pair down till 109.60/40/109. Major trend continuation only below 109.

On the higher side, major resistance for the day stands at 110.40 and indicative jump above that level targets 111/112.

It is good to sell on rallies around 110 with SL around 110.25 for the TP of 109.