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FxWirePro- CHFJPY Intraday trade Idea

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.

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