Ichimoku Analysis (4-hour chart)
Tenken-Sen- 109.62
Kijun-Sen- 109.73
CHFJPY is trading between 110.19 and 109.33 for the past 3 trading days. The pair formed a temporary bottom around 109.14 and shown a minor recovery above 110 levels. The easing US-China trade war has decreased demand for safe-haven assets like yen, gold. The minor trend is bullish as long as support 109 holds.
The yen is consolidating between a narrow range after hitting a high of 109.48 against USD. Any break above 109.50 targets 110/110.60.
On the flip side, near term support is around 109-10, violation beneath will drag the pair down till 108/107.66.
The near term resistance is around 110.20-40, the break above will take the CHFJPY to next level 110.80/112.
It is good to buy on dips around 109.55-60 with SL around 109 for the TP of 111.
