Trade Idea CHFJPY (Intraday)
Ichimoku analysis (Hourly chart)
CHFJPY is trading weak after hitting a high of 116.58 levels on strong yen. USDJPY hits three weeks low on broad-based US dollar selling. The US fresh fiscal stimulus before the US election has decreased demand or safe-haven assets. The intraday trend of this pair remains bearish as long as resistance 116.60 holds.
In the one hour chart, CHFJPY is trading below Tenken-Sen and Kijun-Sen. Any break below 115.60 will take the pair till 115/114.86. On the higher side, near term intraday resistance is around 116.20 and any indicative break above that level will take the pair till 116.60/117 likely.
It is good to sell on rallies around 116.10-15 with SL around 116.60 for the TP of 115.