• FxWirePro: chfjpy trades above major resistance at 112.60, jump till 114 likely

    Source: FxWire Pro - Technicals / 12 Jan 2020 12:27:53   America/New_York

    Ichimoku Analysis (Daily Chart)

     

    Tenken-Sen- 111.80

     

    Kijun-Sen- 111.10

     

    CHFJPY is trading higher for 5th consecutive days after forming a minor bottom around 110.89. The jump was mainly due to weakness in yen on easing US-Iran tension and trade talks optimism. It hits a high of 112.706 and is currently trading around 112.639.

     

    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 111.60 (21-day MA) and the break beneath targets 111. Major bearish continuation only beneath 110.80.

     

    The significant resistance is at 112.70, 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 112.20 with SL around 111.60 for the TP of 114.

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