Ichimoku analysis (15 min chart)
Tenken-Sen- 117.336
Kijun-Sen- 117.336
CHFJPY has halted it's intraday bearishness and shown a minor recovery of nearly 20 pips. The slight weakness in the Japanese yen on upbeat global markets is supporting this pair at lower levels. USDJPY's short term trend is weak as long as resistance 104.75 holds. The intraday trend of the pair remains bullish as long as support 117 holds. USDCHF continues to trade weak and significant trend reversal only above 0.8950.
Technical:
The pair is facing strong resistance at 117.80 and any indicative break above will take to the next level 118.27 (161.8% fib)/118.60. On the lower side, near term support is around 117, and any indicative break below targets 116.65/116.40/116.
Indicator (15 min chart)
CAM indicator –Bullish
Directional movement index –bullish
It is good to buy on dips around 117.35-40 with SL around 117 for the TP of 118.60.
