Ichimoku analysis (Hourly chart)
Tenken-Sen- 121.29
Kijun-Sen- 121.07
CHF/JPY is trading in a narrow range between 121.44 and 120.55 for the past two days. The minor strength in yen is putting pressure on pair at higher levels. USDJPY is holding below 200-WMA, any breach below 108.30 confirms bearish continuation. USDCHF continues to trade below the 0.90000 level. A dip to 0.89000 possible. The intraday trend of CHFJPY is bearish as long as resistance 121.50 holds.
Intraday analysis-
Trend – Bearish
The pair is holding below hourly Tenken-Sen, above Kijun-Sen, and cloud. On the lower side, near-term support is around 120.95. Any violation below will drag the pair down to 120.50/120/119.25/118.60/117.95/116 likely. The immediate resistance is only 121.50. Any violation above that level will take the pair to next level to 122/123/124.45.
Indicator (Hourly chart)
CAM indicator –Bearish
Directional movement index – Bearish
It is good to sell on rallies around 121.25-30 with SL around 121.60 for a TP of 119.25.
