Ichimoku analysis (4 Hour chart)
Tenken-Sen- 117.114
Kijun-Sen- 116.96
CHF/JPY recovered from a minor bottom at 116.58 on the strong Swiss franc. USDCHF continues to trade weak for the past four days and has broken significant support 0.8925. The intraday trend of CHFJPY remains neutral as long as resistance 117.35 holds.
The JPY is trading higher against the USD on an increase in safe-haven demand. USDJPY has lost more than 100 pips, significant trend reversal only above 105.78.
Technical:
The pair's strong resistance is at 117.35, violation above will take to the next level 118/118.60. On the lower side, near term support is around 116.60, and any indicative break below targets 116/115.84.
Indicator (4-hour chart)
CAM indicator – Bullish
Directional movement index – neutral
It is good to buy above 117.35 with SL around 117 for the TP of 118.
