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)
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.© FxWire Pro 2019. 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.