Intraday trend – Bullish
Major intraday resistance – 126.50
The pair recovered after taking support near 55-4H EMA. The weakness in the Japanese yen is due to a surge in US treasury yield. USDJPY hits five years high and holds above 115.50. A jump till 117/117.80 is possible. The USDCHF showed a minor pullback after hitting a low of 0.91020. CHJPY hits a high of 126.16 and is currently trading around 126.114.
The near-term resistance is around 126.50, any breach above targets 127/127.55. The minor support to be watched is 125.70; the violation below will drag the pair down to 125/123.80
Indicators (4-hour chart)
Directional movement index – Bullish
CCI (50) - Bullish
It is good to buy on dips around 125.50 with SL around 124.75 for a TP of 127.
