Ichimoku analysis (15 Min chart)
Tenken-Sen- 118.46
Kijun-Sen- 118.50
CHF/JPY has formed almost a double top around 118.85 and declined nearly 50 pips on Swiss franc weakness. The jump in US 10- year bond yield is supporting USDCHF at lower levels. The pair is holding above 0.8900, any indicative violation above 0.8950 will take the pair to 0.9000/0.9040. But slight weakness in the yen is preventing the pair from the further downside. USDJPY is holding well above 105, a jump to 106.40 is possible. The intraday trend of CHFJPY remains bearish as long as resistance 118.85 holds.
Technical:
The pair's strong resistance is at 119, violation above will take to the next level 120/120.60. On the lower side, near-term support is around 118, and any indicative break below targets 117.75/117.30.
Indicator (15 min chart)
CAM indicator – Bearish
Directional movement index – Bearish
It is good to sell on rallies around 118.45-50 with SL around 119 for the TP of 117.30.


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