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Trade Idea CHFJPY (Intraday)

Tuesday, November 17, 2020 4:22 PM UTC

Ichimoku analysis (Daily chart)

Tenken-Sen- 115.09

Kijun-Sen- 115.18

CHFJPY is trading lower on the past four consecutive days and lost more than 150 pips on strong yen. The yen gained sharply on rising US yield and safe-haven demand due to a surge in coronavirus cases. USDJPY is facing strong support at 104, any violation below targets 103. The intraday trend of CHFJPY is bearish as long as resistance 115 holds.

Technical:

In the daily chart, CHFJPY is holding well below 21 MA. Any violation below 114.40, targets 114/113.73/113. On the higher side, near term intraday resistance is around 115, and any indicative break of that level will take the pair to 116.10/116.60.

Indicator (daily chart)

CAM indicator –Neutral

Directional movement index –Bullish

It is good to sell on rallies around 114.55-60 with SL around 115 for the TP of 113.

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Trade Idea CHFJPY (Intraday)

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