Ichimoku Analysis (8 Hour Chart)
Tenken-Sen- 112.83
Kijun-Sen- 112.22
As per our analysis, CHFJPY continues to trade higher and jumped more than 100 pips this week. It has recovered sharply more than 250 pips from minor bottom 110.89. The phase one trade deal to be signed tomorrow and the US has removed China from currency manipulators list is adding pressure to Safe-haven assets like yen and gold. It hits a high of 113.60 and is currently trading around 113.57.
USDJPY continues to trade higher and holding above 110 level, a jump till 110.60/111.
Technically, primary support is around 113 (23.6% fib) and the break beneath targets 112.60/112.27/112.10. Major bearish continuation only beneath 110.80.
The significant resistance is at 113.70, the violation beyond will take the pair to the next level till 114.16/114.60.
It is good to buy on dips around 113.25-30 with SL around 112.60 for the TP of 114.60.
