Ichimoku Analysis (4 Hour chart)
Tenken-Sen- 120.67
Kijun-Sen- 120.80
CHFJPY has taken support near 200-4H EMA and shown a minor jump. The decline in Japanese yen due to board-based US dollar buying is supporting the pair at lower levels. . USDJPY is holding above 109.50 levels, any breach above 110.25 confirms bullish trend continuation. The Swiss franc lost after hitting a 7-week high against the US dollar.CHFJPY hits a high of 121.05 at the time of writing and is currently trading around 120.94.
Technically, near-term support is around 120.40 and any indicative break below will drag the pair down till 120/119.60.
The immediate resistance is at 121.20, any convincing break targets 122/123.
It is good to buy on dips around 120.75-80 with SL around 120.30 for the TP of 122
