FxWirePro: Buy CHFJPY on dips
Ichimoku analysis (Hourly chart)
Tenken-Sen- 114.54
Kijun-Sen- 114.285
As per our analysis, CHFJPY is trading higher for the past 3 days on weak yen. USDJPY has halted its ten days of the bearish trend and shown a minor recovery. Any break above 104.70 confirms bullish continuation. The upbeat market sentiment on COVID-19 is putting pressure on Safe-haven assets like yen, gold. The intraday trend of CHFJPY is bullish as long as support 113.74 holds.
Technical:
In the 60 min chart, CHFJPY is trading above 200 H MA. Any violation above 114.60 will take to the next level till 115/115.35. On the lower side, near term support is around 113.75, and any indicative break below targets 113/112.
Indicator (60 min chart)
CAM indicator –Neutral
Directional movement index –neutral
It is good to buy above 114.20 with SL around 113.75 for the TP of 1115.30.
