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FxWirePro: CHJPY downside capped by 200- day MA, good to buy on dips

Ichimoku Analysis (Daily chart)

 

Tenken-Sen- 112.44

 

Kijun-Sen- 112.80

 

CHFJPY continues to trade lower for the past 2 weeks and lost more than 400 pips.  It hits low of 110.05 and is currently trading 2-year low at 0.91823.  

 

Technically, immediate resistance is around 111 and any violation above will take the pair to the next level till 111.35-111.50. Bullish continuation only if pair breaks 112.30.

 

On the flip side, near term support is at 110 and any break below targets 109/108.

 

It is good to buy on dips around 110 with SL around  109 for the TP of 1112.

 

 

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