Ichimoku analysis (hourly chart)
Tenken-Sen- 116.97
Kijun-Sen- 116.88
CHFJPY is consolidating between 117.27 and 116.45 for the past five days. The yen is trading higher against all major after the UK lockdown due to a surge in coronavirus. USDJPY is holding well below 103 levels, any violation below 102.70 confirms further weakness. USDCHF continues to trade bearish for the seventh consecutive week, break beneath 0.8780 targets 0.8745. The intraday trend of CHFJPY remains bullish as long as support 116.40 holds.
Technical:
The pair's strong resistance is at 117.40, violation above will take to the next level 117.80/118.05/118.60. On the lower side, near term support is around 116.74, and any indicative break below targets 116.59/116/115.84.
Indicator (1-hour chart)
CAM indicator –Neutral
Directional movement index –Neutral
It is good to buy on dips around 116.80 with SL around 116.40 for the TP of 118.60.
