Ichimoku analysis (4 Hour chart)
Tenken-Sen- 121.42
Kijun-Sen- 121.18
CHF/JPY continues to trade higher for fourth consecutive weeks and surged more than 350 pips. The board-based Swiss franc buying is supporting the pair at lower levels. USDCHF is trading well below 0.9000 levels and hits a multi-week low on US dollar weakness. USDJPY is holding below 200-WMA, any breach below 108.50 confirms bearish continuation. The intraday trend of CHFJPY is bullish as long as support 120.50 holds.
Intraday analysis-
Trend – Bullish
The pair is holding well above 4 Hour Tenken-Sen, above Kijun-Sen, and cloud. On the lower side, near-term support is around 121. 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 122. Any violation above that level will take the pair to next level to 123/123.93/124.45.
Indicator (4-hour chart)
CAM indicator –Bullish
Directional movement index – Bullish
It is good to buy on dips around 121.40-45 with SL around 120.95 for a TP of 123.
