Ichimoku Analysis (4 Hour chart)
Tenken-Sen- 119.83
Kijun-Sen- 120.37
As per our analysis, CHFJPY is consolidating in a narrow range after more than 150 pips sell-off. The board-based selling in Swiss franc is putting pressure on this pair. USDCHF hits three weeks high and surged nearly 250 pips. Any breach above 0.92750 confirms further bullishness. USDJPY retreats from a high of 110.80 on safe-haven demand.
Technically, near-term support is around 119.60 and any indicative break below will drag the pair down till 119/118.65/118.
The immediate resistance is at 120.20, any convincing break targets 120.60/121.20/122/123.
It is good to sell on rallies around 120 with SL around 121 for the TP of 118
