FxWirePro: sell chfjpy on rallies
Source: FxWire Pro - Technicals / 04 Dec 2019 06:41:25 America/New_York
Ichimoku Analysis (4- Hour chart)
As per our analysis, CHJPY has halted its 1- week bullish trend and shown nearly 50 pips dip on strong yen. The trade deal uncertainty between the US and China is supporting safe-haven assets like yen, gold and Swiss Franc. The pair hits a low of 109.86 at the time of writing and is currently trading around 109.86.
USDJPY has shown a minor recovery from an intraday low of 108.42 after Bloomberg reported that US-China moves closer to deal. But minor bullishness can be seen only above 109.80.
Technically, near-term support is at 109.80 and any violation below will drag the pair down till 109.60/40/109. 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 110 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.