Minor trend line resistance - 111.95
As per our analysis CHFJPY has recovered sharply and jumped more than 100 pips from low of 110.62.The jump was mainly due to easing US-China trade war and temporary relief for UK on Brexit uncertainty which has reduced demand for safe haven assets like Yen and Gold. It hits high of 111.86 and is currently trading around 111.82.
On the lower side, near term support is around 111.29 (20- day MA) and any violation below will drag the pair to next 111/110.58.Any break below 110.48 confirms minor weakness.
The near term resistance is around 111.95 and any convincing break above will take the pair to next target 112.35. Any major trend reversal only if closes above 112.35.Break above 112.35 targets 112.73/113.
It is good to buy above 111.95 with SL around 111.50 for the TP of 112.73/113.
