Ichimoku analysis (15 min chart)
Tenken-Sen- 114.47
Kijun-Sen- 114.495
CHFJPY has formed almost a double top near 114.85 and declined sharply from that level. The slight jump in yen is putting pressure on this pair at higher levels. USDJPY lost more than 50 pips from the top of 104.75. Any violation below 104 targets 103.18. The intraday trend of CHFJPY is bearish as long as resistance 114.75 holds.
Technical:
In the 15 min chart, CHFJPY is trading below trend line support at 114.40. Any violation below 114.20 will take to the next level till 113.75/113.50. On the higher side, near term resistance is around 114.85, and any indicative break below targets 115/115.30/115.60.
Indicator (15 min chart)
CAM indicator –Bearish
Directional movement index –Bearish
It is good to sell on rallies around 114.45-50 with SL around 114.85 for the TP of 113.75.
