• FxWirePro: chfjpy downside capped by 200- day ma, good to buy on dips

    Source: FxWire Pro - Technicals / 06 Apr 2020 04:13:21   America/New_York

    Ichimoku Analysis (Daily chart)

     

    Tenken-Sen- 112.14

     

    Kijun-Sen- 111.77

     

    CHFJPY has recovered sharply more than 150 pips till 111.90. The jump was mainly due to weakness in Yen. USDJPY surged more than 200 pips from minor bottom 106.92 level.

     

    Technically, immediate support is around 111.50 and any violation below targets 111/110.29.

     

    The near-term resistance is at 112.20 and the indicative break above will take the pair to next level till 112.58/113/114. Significant trend continuation only if it breaks 114.

     

    It is good to buy on dips around 111.35-40 with SL around 110.80 for the TP of 113.

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