Ichimoku analysis (Hourly chart)
Tenken-Sen- 117.82
Kijun-Sen- 117.82
CHF/JPY is trading weak after a minor jump till 118.18. The minor weakness in the Swiss franc against all majors. USDCHF jumped more than 50 pips on broad-based US dollar buying. USDJPY is trading in a narrow range between 109.36 and 108.61 for the past three days. Markets eye BOJ monetary policy for further direction. The intraday trend of CHFJPY remains bearish as long as resistance 118.85 holds.
Technical:
The pair's strong support is at 117.40, any break below confirms minor weakness, and a dip till 116.90/116.60/ 116.30/116 likely. On the higher side, near-term resistance is around 118.25, and any indicative break above targets 118.85/119.
Indicator (Hourly chart)
CAM indicator – Bearish
Directional movement index – bearish
It is good to sell on rallies around 117.85-90 with SL around 118.80 for a TP of 116.
