• Trade idea chfjpy (intraday)

    Source: FxWire Pro - Technicals / 18 Oct 2020 12:46:18   America/New_York

    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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