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Intraday trend – Bullish
Major intraday resistance – 126
The pair has cleared significant resistance 125.509 made on Nov 2nd, 2021. The weakness in the Japanese yen is due to upbeat market sentiment and a jump in US treasury yield. The USDCHF regained above 0.91500 on dollar strength is preventing the pair from further upside. CHJPY hits a high of 125.87 and is currently trading around 125.506.
The near-term resistance is around 126, any breach above targets 126.40/127/127.55. The minor support to be watched is 122.40; the violation below will drag the pair down to 122/121/120.
Indicators (4-hour chart)
Directional movement index – Bullish
CCI (50) - Bullish
It is good to buy on dips around 125 with SL around 124 for TP of 127.
