Ichimoku analysis (4-hour chart)
Tenken-Sen- 111.21
Kijun-Sen- 111.30
CHFJPY is trading weak for the past 5 trading days and lost more than 150 pips. The decline mainly due to strong yen due to increased demand for Safe-haven assets. USDJPY formed a temporary top around 109.26 and declined till 106.92. Minor bullishness only above 108.10.
On the flip side, near term support is around 110.80 and any indicative break below targets 110.29/110.
The immediate resistance is around 111.75 and the violation above will take the pair to the next level till 111.95/112.52/113.
It is good to sell on rallies around 111.75-80 with SL around 112.50 for the TP of 110.
