Ichimoku analysis (1-hour chart)
Tenken-Sen- 117.19
Kijun-Sen- 117.32
CHF/JPY is trading weak for fourth consecutive days and lost more than 180 pips on the weak Swiss franc. USDCHF recovered more than 50 pips from a low of 0.89475. The strength in the Japanese yen despite a surge in the US 10-year yield is also putting pressure on this pair.USDJPY is trading below 105, a dip till 104.40. The intraday trend of CHFJPY remains bearish as long as resistance 117.88 holds.
Technical:
The pair's strong resistance is at 117.45, violation above will take to the next level 118/118.60/118.85. 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.
