Ichimoku analysis (Hourly chart)
Tenken-Sen- 116.27
Kijun-Sen- 116.37
CHF/JPY has formed a double bottom near 116 and jumped more than 50 pips on weak yen. The surge in US bond yield is putting on yen at higher levels. USDJPY breaks high made on Mar 15th after a long consolidation due to broad-based US dollar buying. The weakness in the Swiss franc is putting pressure on this pair. USDCHF hits 8-1/2 month high, any jump above 0.9425 confirms bullish continuation. The intraday trend of CHFJPY remains bullish as long as support 11 holds.
Technical:
The pair's strong support is at 11590, any break below confirms minor weakness, and a dip till 115.65/115 likely. On the higher side, near-term resistance is around 116.65., and any indicative break above targets 117.20/117.60/117.90.
Indicator (Hourly chart)
CAM indicator – Bullish
Directional movement index – Neutral
It is good to buy on dips around 116.35-40 with SL around 115.90 for a TP of 117.20/117.80.
