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Ichimoku analysis (1-hour chart)
Tenken-Sen- 117.52
Kijun-Sen- 117.66
As per our analysis, CHF/JPY is trading weak and lost more than 150 pips from the temporary top 118.85. The weakness in the Swiss franc is putting on this pair at higher levels. USDCHF is holding above 0.9000 level, any violation above 0.9045 confirms bullish continuation. USDJPY recovered sharply but holding below 106 level despite rising US bond yield. The intraday trend of CHFJPY remains bearish as long as resistance 118.10 holds.
Technical:
The pair's strong resistance is at 118.10, violation above will take to the next level 118.85/119.82 (161.8% fib). On the lower side, near-term support is around 116.90, and any indicative break below targets 116.59/116.
Indicator (60 min chart)
CAM indicator – Bearish
Directional movement index – Bearish
It is good to sell on rallies around 117.75-80 with SL around 118.85 for the TP of 116.
