Ichimoku Analysis (4-hour chart)
Tenken-Sen- 109.79
Kijun-Sen- 109.66
CHFJPY trading lower for 2nd consecutive days after forming a temporary top around 110.39. The pair recovered slightly from this week's low of 109.14 made on Oct 28th, 2019 till 110.19. The overall trend is weak as long as resistance 110.40 holds.
The yen gained strength after a 1- week of weakness against USD. USDJPY hits high of 109.28 after the Fed meeting and declined more than 100 pips.
On the flip side, near term support is around 109-10, any violation below 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 sell on rallies around 109.65-70 with SL around 110.20 for the TP of 108.
