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Ichimoku analysis (Hourly chart)
Tenken-Sen- 117.39
Kijun-Sen- 117.21
CHF/JPY has shown a minor selling after hitting a high of 117.54. The pair is trading weak despite a major sell-off in the yen. The surge in US bond yield is supporting USDJPY at lower levels. USDJPY hits a multi-month high and trading above 200-W MA. A jump till 110 likely. The intraday trend of CHFJPY remains bearish as long as resistance 117.85 holds.
Technical:
The pair's strong support is at 116.80, any break below confirms minor weakness, and a dip till 116.60 /116.30/116 likely. On the higher side, near-term resistance is around 117.85, and any indicative break above targets 118/118.85.
Indicator (Hourly chart)
CAM indicator – Bearish
Directional movement index – Neutral
It is good to sell on rallies around 117.25-30 with SL around 117.85 for a TP of 116.
