Ichimoku Analysis (4-hour analysis)
Tenken-Sen- 109.72
Kijun-Sen- 110.22
As per our analysis, CHFJPY continues to trade lower and hits a low of 109.36. the decline was mainly due to strong yen due to an increase in demand for safe-haven assets. USDJPY is trading weak and hits 4- week low. The pair lost more than 300 pips this month and is currently trading around 106.51.
Technically, near term resistance is around 109.75, and any indicative break above targets 110.50/111/111.39.
On the flip side, the pair is trading below 109.50 and this confirms minor weakness, a dip till 108.49 likely.
It is good to sell on rallies around 109.75-80 with SL around 110.20 for the TP of 108.50.
