FxWirePro: EUR/JPY trades directionless around 129 handle, long upper wicks raise scope for downside
FxWirePro: CHFJPY Daily Outlook
Ichimoku analysis (hourly chart)
CHF/JPY recovered more than 100 pips from a low of 116.207. The pair has taken support near 55- day EMA, any significant bearishness only below 116.25. The strength in Swiss franc on increasing demand for Safe-haven assets. USDJPY is holding above 200-H MA, jump to 104.40 is possible. The intraday trend of CHFJPY remains bullish as long as support 116.25 holds.
The pair's strong resistance is at 117.30, violation above will take to the next level 117.60/118.05/118.60. On the lower side, near term support is around 116.75, and any indicative break below targets 116.40/116/115.84.
Indicator (1-hour chart)
CAM indicator –Bullish
Directional movement index –Bullish
It is good to buy on dips around 117.10-15 with SL around 116.75 for the TP of 118.60.