Ichimoku analysis (hourly chart)
Tenken-Sen- 116.65
Kijun-Sen- 116.75
CHF/JPY recovered more than 100 pips from a low of 116.207. The pair has taken support near 55- day EMA, any significant bearishness only below 116.25. The strength in Swiss franc on increasing demand for Safe-haven assets. USDJPY is holding above 200-H MA, jump to 104.40 is possible. The intraday trend of CHFJPY remains bullish as long as support 116.25 holds.
Technical:
The pair's strong resistance is at 117.30, violation above will take to the next level 117.60/118.05/118.60. On the lower side, near term support is around 116.75, and any indicative break below targets 116.40/116/115.84.
Indicator (1-hour chart)
CAM indicator –Bullish
Directional movement index –Bullish
It is good to buy on dips around 117.10-15 with SL around 116.75 for the TP of 118.60.
