Ichimoku Analysis (4-hour analysis)
Tenken-Sen- 110.22
Kijun-Sen- 110.63
CHFJPY is trading weak after a minor jump till 110.58 and lost more than 50 pips on strong Japanese Yen. USDJPY continues to trade lower for the past 3 trading days and lost nearly 100 pips on a slight increase in demand for Safe-haven assets. Short term trend is weak as long as resistance 111.15 holds.
Technically, near term resistance is around 110.55, and any indicative break above targets 111.15/111.80.
On the flip side, immediate support is at 109.50, and the violation below will drag the pair down till 109.05/108.49.
It is good to sell on rallies around 110.40-45 with SL around 111 for the TP of 109.54.
