Ichimoku analysis (Hourly chart)
Tenken-Sen- 117.278
Kijun-Sen- 116.87
CHF/JPY has taken support near 200-4H EMA and shown recovery of more than 50 pips on weak yen. USDJPY is holding above 200-W MA and this confirms further bullishness. A jump till 110 likely. The surge in US bond yield is supporting USDJPY at lower levels. The intraday trend of CHFJPY remains bearish as long as resistance 116.90 holds.
Technical:
The pair's strong support is at 116.90, 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 – Neutral
Directional movement index – Neutral
It is good to buy on dips around 117.45-50 with SL around 116.90 for a TP of 11885.
