• FxWirePro: chfjpy hits 1-year high, jump till 114 likely

    Source: FxWire Pro - Technicals / 13 Jan 2020 04:54:28   America/New_York

    Ichimoku Analysis (4 Hour Chart)

     

    Tenken-Sen- 112.51

     

    Kijun-Sen- 112.01

     

    CHFJPY is trading higher for 5th consecutive days after forming a minor bottom around 110.89. The trade deal optimism and easing of US-Iran tension are putting pressure on Safe-haven assets like yen. It hits a high of 112.78 and is currently trading around 112.746.

     

    USDJPY continues to trade higher and any break higher 109.75 confirms further bullishness, a jump till 110.60/111.

     

    Technically, primary support is around 112.02 (55-4H EMA) and the break beneath targets 111.60/110.90 (200-4H MA). Major bearish continuation only beneath 110.80.

     

    The significant resistance is at 112.80, the violation beyond will take the pair to the next level till 113.12/113.60/114.16.

     

    It is good to buy on dips around 112.50 with SL around 112 for the TP of 114.

     

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