FxWirePro: EUR/JPY gaining for 3rd straight session, upbeat market sentiment translates into solid advances
Trade Idea CHFJPY (Intraday)
Ichimoku analysis (4-hour chart)
CHFJPY is trading weak after forming a minor top around 116.58 and lost more than 200 pips on the weak Swiss franc. The Swiss franc has started to decline after SNB's Jordan mentioned a willingness to intervene in the Fx market. USDCHF has broken significant resistance 0.9100 and this confirms intraday bullishness. A jump till 0.91650 likely. The intraday trend of CHFJPY remains bearish as long as resistance 115 holds.
In the 4- hour chart, CHFJPY is trading below 100 and 200 MA. Any break below 114 will take the pair till 113/112. On the higher side, near term intraday resistance is around 114.85, and any indicative break that level will take the pair till 115.25/115.50/116 likely.
It is good to sell on rallies around 114.75-80 with SL around 115.30 for the TP of 113