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)
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.© FxWire Pro 2020. All rights reserved. The FxWire Pro content received through this service is the intellectual property of FxWire Pro or its third party suppliers. Republication or redistribution of content provided by FxWire Pro is expressly prohibited without the prior written consent of FxWire Pro, except for personal and non-commercial use. Neither FxWire Pro nor its third party suppliers shall be liable for any errors, omissions or delays in content, or for any actions taken in reliance thereon.