FxWirePro: chfjpy breaks trend line support, dip till 109 likely
Source: FxWire Pro - Technicals / 08 Dec 2019 10:13:44 America/New_York
Ichimoku Analysis (1- Hour chart)
As per our analysis, CHJPY is trading lower for 2nd consecutive days and lost nearly 40 pips from yesterday's high of 110.23. The pair jumped more than 140 pips in the past 2-week on easing US-China trade tension which has decreased demand for Safe-haven assets like yen, gold. It is currently trading around 109.83.
USDJPY continues to trade lower and lost more than 100 pips. Any break below 108.40 confirms intraday weakness and a dip till 108.20/107.80 likely.
Technically, near-term support is at 109.75 and any violation below will drag the pair down till 109.35/109. Major trend continuation only below 109.
On the higher side, major resistance for the day stands at 110.40 and indicative jump above that level targets 111/112.
It is good to sell on rallies around 109.85-90 with SL around 110.25 for the TP of 109.© 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.