Ichimoku analysis (4-hour chart)
Tenken-Sen- 117.40
Kijun-Sen- 116.98
CHF/JPY has declined sharply after a minor jump to 117.78 levels. The slight weakness in the Swiss franc due to decreasing demand for safe-haven assets. USDCHF surged more than 50 pips for the day. Any break above 0.9140 targets 0.9200. The intraday trend of CHFJPY remains bearish as long as resistance 117.82 holds.
Technical:
The pair's strong resistance is at 117.80 (61.8% fib), violation above will take to the next level 118.20/118.85/120. On the lower side, near-term support is around 116.80, and any indicative break below targets 116.15/115.35.
Indicator (4-hour chart)
CAM indicator – Neutral
Directional movement index – Neutral
It is good to sell on rallies around 117.25-30 with SL around 117.85 for the TP of 116.20.
