Ichimoku analysis (1-hour chart)
Tenken-Sen- 116.58
Kijun-Sen- 117.12
CHF/JPY has taken support near trend line support and jumped more than 50 pips on weak yen. USDJPY recovered more than 100 pips from a low of 104.92 on declining demand for safe-haven and surging US bond yield. The Swiss franc continues to trade weak against the US dollar and holding above 0.9050 level. The intraday trend of CHFJPY remains bearish as long as resistance 117.70 holds.
Technical:
The pair's strong resistance is at 117.20, violation above will take to the next level 117.67/118/118.60/118.85. On the lower side, near-term support is around 116.17, and any indicative break below targets 115.30/115.
Indicator (60 min chart)
CAM indicator – Bearish
Directional movement index – Bearish
It is good to sell on rallies around 117.35-40 with SL around 118 for the TP of 115.30.
