FxWirePro: USD/JPY slips below 109 handle as Japan looks set to extend and expand the state of emergency
FxWirePro: CHFJPY Daily Outlook
Ichimoku analysis (Daily chart)
CHF/JPY is trading higher and hits a fresh 2- weeks high on the strong Swiss franc. USDCHF was one of the worst performers this week and lost more than 150 pips on broad-based US dollar selling. The dovish FOMC meeting minutes and minor sell-off in US bond yields are putting pressure on the US dollar. The yen declined more than 50 pips against the USD, any break below 108.97 (200-W MA) confirms further bearishness. The intraday trend of CHFJPY remains slightly bullish as long as support 117.60 holds.
The pair's strong support is at 118, any break below confirms minor weakness, and a dip till 117.60/117.20 likely. On the higher side, near-term resistance is around 118.50, and any indicative break above targets 118.85/119.70.
Indicator (Daily chart)
CAM indicator – Bullish
Directional movement index – Bullish
It is good to buy on dips around 118 with SL around 117.60 for a TP of 119/119.70.