Ichimoku analysis (Hourly chart)
Tenken-Sen- 109.03
Kijun-Sen- 109.13
CHFJPY is consolidating after hitting high of 109.63 on May 22nd 2019. The decline of 80 pips was mainly due to slight strength in Yen. USDJPY is trading lower for 3rd consecutive days and lost more than 120 pips from high of 110.67.The ongoing Brexit uncertainty and trade war escalation is supporting yen. In the past 1-month it was trading weak and lost nearly 400 pips from 111.97 high made on Apr 12th 2019. It hits intraday high of 108.84 and is currently trading around 108.93.
The near term resistance is around 109.03 (55- H EMA) and any break above will take the pair to next level till 109.30/109.65/110.
On the lower side, near term support is around 108.80 (38.2% fib) and any violation below will drag the pair to next level till 108.50/108/107.60. Any major weakness only below 107.60.
It is good to buy on dips around 108.75-80 with SL around 108.40 for the TP of 109.63/110.
