Ichimoku Analysis (8-hour chart)
Tenken-Sen- 112.74
Kijun-Sen- 112.90
CHFJPY has lost nearly 90 pips after a minor recovery till 113.43. The decline was due to a strong yen on the increase in demand for Safe-haven assets. USDJPY lost more than 150 pips after a jump till 107.62 on slight pessimism in V-Shaped recovery on the second wave of coronavirus. Any violation below 1005.98 confirms further weakness.
The pair is facing strong support at 111.86 (200 8H EMA). Any indicative break below will take the pair to 111.57/110.92 (61.8% fib).
The next significant resistance to be watched is 113, violation above that level targets 113.50/114. Extreme bullish trend continuation only above 114.25.
It is good to sell on rallies around 113.10-15 with SL around 113.60 for the TP of 111.55.
