Trade Idea CHFJPY (Intraday)
Ichimoku analysis (15 min chart)
CHFJPY is trading higher for the second consecutive day and jumped more than 100 pips on the strong Swiss franc. USDCHF has formed a minor top around 0.91650 and declined nearly 80 pips on broad-based US dollar selling. The demand for safe-haven assets got decreased in hopes of fresh stimulus from the US. The intraday trend of this pair remains bullish as long as support 115.80 holds.
In the 15 min chart, CHFJPY is trading well above the long-term moving average (200 MA). Any break above 116.20 will take the pair till 116.50/116.77. On the flip side, near term intraday support is around 115.80 and any indicative break below that level will take the pair till 115.50/115.
It is good to buy on dips around 116 with SL around 115.80 for the TP of 116.48/116.77.