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Intraday trend – Bullish
Major intraday resistance – 126.50
The pair surged sharply and hits a six-year high on weak yen. The jump in US treasury yields and easing Omicron virus concerns is supporting the pair at lower levels. USDJPY hits five years high and holds above 116. A jump till 117/117.80 is possible. The USDCHF showed a minor decline after hitting a high of 0.92003. CHJPY hits a high of 127.07 and is currently trading around 126.63.
The near-term resistance is around 127.20, any breach above targets 127.55/128. The minor support to be watched is 126.50; the violation below will drag the pair down to 125.80/125.30.
Indicators (4-hour chart)
Directional movement index – Bullish
CCI (50) - Bullish
It is good to buy on dips around 126 with SL around 125 for a TP of 128.
