Ichimoku analysis (1-Hour chart)
Tenken-Sen- 120.325
Kijun-Sen- 120.327
CHF/JPY is trading weak and lost nearly 50 pips from an intraday high of 120.50. the board-based weakness in the Swiss franc is putting pressure on this pair at higher levels. USDCHF is holding well above 0.9200, a jump till 0.9300 is possible. The yen has regained against the US dollar for the past three days. USDJPY should break below 110.40 for further bearishness.
Intraday analysis-
Trend – Bearish
The pair is trading well below 1-hour Tenken-Sen, Kijun-Sen, and cloud. The near-term resistance is around 121. Any violation above targets 122/123. The immediate support is around 120. Any decline below that level will take the pair to 119.60/118.80/118.50.
Indicator (1-Hour chart)
CAM indicator –Bearish
Directional movement index – Bearish
It is good to sell on rallies around 120.15-20 with SL around 121 for a TP of 118.
