Ichimoku Analysis (4-hours chart)
Tenken-Sen- 112.79
Kijun-Sen- 113.02
CHFJPY has lost more than 100 pips after a minor recovery till 113.20. The decline was due to a strong yen on the increase in demand for Safe-haven assets. USDJPY continues to trade weak for 3rd consecutive days. Any violation below 106.50 confirms further weakness.
The pair has broken near term support 112.36 low made on Jun 15th, 2020. Any indicative break below 112.11 (200-4H EMA) will take the pair to 111.57/110.92 (61.8% fib).
The next significant resistance to be watched is 112.60, violation above that level targets 113.20/113.50. Extreme bullish trend continuation only above 114.25.
It is good to sell on rallies around 112.35-40 with SL around 113 for the TP of 111.55.
