Major support - 109.44 (55- day EMA)
CHFJPY is consolidating after 100 pips jump in the past two days. Markets are trading in a cautious tone ahead of the G20 meeting. The minor jump from 109.44 came after positive comments from Trump on the US-China trade deal. The pair was in an uptrend for the past one week and jumped more than 250 pips from low of 107.61 on account of the trade war and escalation of the Middle East tension has increased demand for Safe-haven assets. The pair hits an intraday high of 110.547 and is currently trading around 110.43.
The near term resistance is around 110.50 and any convincing break above will take the pair to next level till 111.12 (161.8% Fib)/111.97.
On the flip side, near term support is around 109.47 and any break below will take the CHFJPY till 109.17-109.10 (20- day MA/61.8% Fib).
It is good to buy on dips around 109.75-80 with SL around 109.40 for the TP of 111.12.
