Ichimoku analysis (4 Hour chart)
Tenken-Sen- 117.48
Kijun-Sen- 117.22
CHF/JPY has taken support near 55- H EMA and shown a good jump of more than 30 pips on the strong Swiss franc. USDCHF has halted its one month of the bullish trend and lost more than 100 pips from a minor top 0.90440. Any violation below 200- 4H MA 0.8890 confirms bearish continuation. The intraday trend of CHFJPY remains neutral as long as resistance 117.30 holds.
The JPY is trading weak against the USD on upbeat global sentiment. USDJPY faces strong resistance at 104.80. Significant trend reversal only above 105.78.
Technical:
The pair's strong resistance is at 117.75, violation above will take to the next level 118/118.60. On the lower side, near term support is around 116.92, and any indicative break below targets 116.60/116.
Indicator (4-hour chart)
CAM indicator – Bullish
Directional movement index – Bullish
It is good to buy on dips around 117.30 with SL around 116.80 for the TP of 118.60.
