FxWirePro: CHFJPY Daily Outlook
Ichimoku analysis (Hourly chart)
CHF/JPY has halted its 1-1/2 months of the bullish trend and shown a minor selling. The pair was one of the best performers and jumped more than 450 pips on broad-based Swiss franc buying. USDCHF lost more than 4% in the past five weeks is supporting the pair at lower levels. The yen also trading weak on the surge in US bond yield and upbeat market sentiment. USDJPY is holding above 200-W MA. Any breach above 109.70 confirms intraday bullishness. The intraday trend of CHFJPY is bullish as long as support 119 holds. The long-term chart shows that the pair is holding above 100 and 200- day MA.
Trend – Neutral
The pair is holding well below hourly Tenken-Sen and Kijun-Sen and 100 MA. The pair should break below 119 for further bearishness. A dip till 118.60/117.95/116 likely. On the higher side, near-term resistance is around 119.75. Any break below targets 120/120.25/120.75.
Indicator (Hourly chart)
CAM indicator – Bearish
Directional movement index – Bearish
It is good to sell below 119 with SL around 119.60 for a TP of 117.95/116.20.