• FxWirePro: chfjpy trades flat, major move only above 110 level

    Source: FxWire Pro - Technicals / 12 Nov 2019 12:15:23   America/New_York

    Ichimoku Analysis (4-hour chart)

     

    Tenken-Sen- 109.62

     

    Kijun-Sen- 109.73

     

    CHFJPY is trading between 110.19 and 109.33 for the past 3 trading days. The pair formed a temporary bottom around 109.14 and shown a minor recovery above 110 levels. The easing US-China trade war has decreased demand for safe-haven assets like yen, gold. The minor trend is bullish as long as support 109 holds.

     

    The yen is consolidating between a narrow range after hitting a high of 109.48 against USD. Any break above 109.50 targets 110/110.60.

     

     

    On the flip side, near term support is around 109-10, violation beneath will drag the pair down till 108/107.66.

     

    The near term resistance is around 110.20-40, the break above will take the CHFJPY to next level 110.80/112.

     

    It is good to buy on dips around 109.55-60 with SL around 109 for the TP of 111.

     

     

Share on,