Ichimoku analysis (hourly chart)
Tenken-Sen- 118.65
Kijun-Sen- 118.31
CHF/JPY has halted its thirteen-week of the bullish trend. The pair was one of the best performers in the past 3 months has surged more than 500 pips on broad-based selling in yen. The yen was trading weak against all majors on upbeat market sentiment. The Coronavirus vaccination rollout, declining new COVID-19 cases and hopes of more US stimulus have decreased demand for safe-haven assets. USDJPY is holding well above 105, any violation above 105.78 confirms bullish continuation. The intraday trend of CHFJPY remains bullish as long as support 117.40 holds.
Technical:
The pair's strong resistance is at 119, violation above will take to the next level 120/120.60. On the lower side, near-term support is around 117.30, and any indicative break below targets 116.92/116.60/116.
Indicator (Hourly chart)
CAM indicator – Neutral
Directional movement index – Neutral
It is good to buy on dips around 118 with SL around 117.40 for the TP of 119.60
