• FxWirePro: chfjpy takes support near trend line, good to buy on dips

    Source: FxWire Pro - Technicals / 08 Apr 2020 05:48:40   America/New_York

    Ichimoku Analysis (4 Hour chart)

     

    Tenken-Sen- 111.97

     

    Kijun-Sen- 111.94

     

    CHFJPY has declined sharply to more than 80 pips from a high of 112.48. The slight jump in yen especially against USD is putting pressure on CHFJPY at higher levels. USDJPY hits a low of 108.50 and is currently trading around 108.80.

    Technically, immediate support is around 111.70 (trend line support) and any violation below targets 111.50/111.18.

     

    The near-term resistance is at 112.20 and the indicative break above will take the pair to next level till 112.50/113/114. Significant trend continuation only if it breaks 114.

     

    It is good to buy on dips around 111.70-75 with SL around 111.18 for the TP of 113.

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