Ichimoku analysis (Hourly chart)
Tenken-Sen- 116.91
Kijun-Sen- 117.18
CHFJPY has declined sharply after hitting a high of 117.60. The pair has formed an almost double top near 117.75. The strength in yen due to a slight increase in demand for safe-haven assets on surge in coronavirus cases. . USDJPY is trading well below 104 levels; any violation past 103.18 confirms significant weakness. The intraday trend of CHFJPY remains bearish as long as support 117.80 holds.
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 116.65, and any indicative break below targets 116.40/116/115.38.
Indicator (Hourly chart)
CAM indicator –Bearish
Directional movement index –bearish
It is good to sell on rallies around 116.85-90 with SL around 117.35 for the TP of 115.38.
