FxWirePro: chfjpy struggles to close above 110 level, dip till 109 likely
Source: FxWire Pro - Technicals / 05 Nov 2019 08:53:48 America/New_York
Ichimoku Analysis (4-hour chart)
CHFJPY has once again declined after showing a minor jump above 110 levels. The pair formed a temporary top around 110.39 and declined till 109.24. The minor weakness was mainly due to easing the US-China trade war which has decreased demand for safe-haven assets like yen, gold. The overall trend is weak as long as resistance 110.40 holds.
The yen is trading weak for the past two trading days and lost more than 100 pips against USD. USDJPY hits high of 109.28 after the Fed meeting and any break above targets 110/110.60.
On the flip side, near term support is around 109-10, violation below 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 sell on rallies around 109.95-110 with SL around 110.40 for the TP of 108.© 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.