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Trade Idea CHFJPY (Intraday)

Ichimoku analysis (Hourly chart)

 

Tenken-Sen- 116.16

Kijun-Sen- 116.26

 

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.

 

Technical:

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.

 

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