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Trade Idea CHFJPY (Intraday)

Friday, October 16, 2020 10:33 AM UTC

Ichimoku analysis (Hourly chart)

Tenken-Sen- 115.09

Kijun-Sen- 115.05

CHFJPY is trading in a narrow range between115.40 and 114.86 for the past three trading days. The pair has lost more than 100 pips from a minor top 116.19 due to the strong yen. The rise in the number of new corona cases and delay in US stimulus has increased demand for safe-haven like the yen. The intraday trend of this pair remains neutral as long as resistance 115.50 holds.

Technical:

In the Hourly chart, CHFJPY is trading well below the long-term moving average (200 MA). Any break above 115.50 will take the pair till 116/116.77. On the flip side, near term intraday support is around 114.80 and any indicative break below that level will take the pair till 114/113.30.

It is good to sell on rallies around 115.50 with SL around 116 for the TP of 114

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Trade Idea CHFJPY (Intraday)

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