The CHFJPY cross ticked higher on Thursday, but remained near six-week lows reached on Wednesday as sentiment seems to be negative. The cross was seen 0.20% stronger during the London session, changing hands at around 113.60.
There are a couple of strong resistances, which could limit the upside potential for this cross. Firstly, it is the broken support of previous lows, which is below the 114.00 region (the blue rectangle). As long as the price remains below, the immediate outlook seems very bearish.
The next resistance might be located at the 114 level, where the bearish trend line stands. The price needs to trade above 114 to cancel the immediate downward momentum. The next target afterward might be at 114.50/60.
On the downside, should the bearish pressure remain intact, the first support could be at the current cycle lows near 113.260 and if broken, further deterioration toward 112.80 might occur quickly.
The Japanese yen strengthened in the previous days, despite rising US yields, as sentiment worsened and stocks suffered the biggest drops since February.
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