FxWirePro- CHFJPY Intraday trade Idea

Intraday trend – Bullish

Major intraday resistance – 125.25

The pair is trading higher for the second consecutive day and hits one week high on weak yen. The yen is trading weak against all majors especially the US dollar on surging US Treasury yields. CHFJPY was one of the worst performers this year and lost more than 300 pips after hitting a multi-month high of 127.07. It hits an intraday high of 125.18 and is currently trading around 125.159.

Technical analysis-

CHFJPY is trading above 200 and 100 4H EMA (124.56 and 124.63) and holding above the trend line.  

The near-term resistance is around 125.20, any breach above targets 125.70//126.30/127.10. The minor support to be watched is 124.60; the violation below will drag the pair down to 124/123.

Indicators (4-hour chart)

Directional movement index – Neutral

CCI (50) – Bearish

Woodies CCI- Bearish

It is good to buy on dips around 125 with SL around 124 for a TP of 127.