Ichimoku Analysis (4 Hour chart)
Tenken-Sen- 113.34
Kijun-Sen- 112.75
CHFJPY has formed almost a double top around 114 and started to decline from that level. It hits a high of 113.94 yesterday and lost more than 100 pips. The strength in Yen due to demand for safe-haven is putting pressure on this pair at a higher level. USDJPY lost more than 300 pips from temporary top 111.68 made on Mar 25th. The bullish trend continuation only above 112.25.
On the flip side, near term support around 112.70 and any violation below will drag the pair down till 112.25/111.50.
The immediate resistance is around 114.27 (Feb 20th, 2020 high) and any indicative break above targets 115/116.
It is good to sell on rallies around 113.25-30 with SL around 114 for TP of 111.50.
