Ichimoku Analysis (4-hour chart)
Tenken-Sen- 117.15
Kijun-Sen- 117.10
CHFJPY continues to trade weak for 2nd consecutive day and lost more than 100 pips. The COVID-19 vaccine optimism and hopes of economic recovery have decreased demand for safe-haven assets. USDJPY jumped slightly after forming a bottom around 105.20, any violation above 106.20 will take the pair to next level till 107/107.50.
On the lower side, near-term intraday support is around 116.40 (trend line support) and any close below will drag the pair down till 116/115.17/114.95. The next primary resistance to be watched is 118 and break above that level targets 119/120.
It is good to sell on rallies around 116.85-90 with SL around 117.65 for the TP of 115.
