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FxWirePro: Buy USDJPY on dips

Ichimoku Analysis (Hourly chart)

 

Tenken-Sen- 108.69

 

Kijun-Sen- 108.76

 

USDJPY has shown a minor recovery of more than 35 pips from yesterday's low of 108.46. Short term trend is slightly on the higher side as long as support 107.80 holds. It hits an intraday high of 108.83 and is currently trading around 108.82.

 

Technically, near term support is around 108.45-50 and any break below will drag the pair to 108.24 (low made on Nov 14th, 2019)/107.80

 

On the higher side, a major trend reversal level is around 109.50 and any indicative break above targets 110/110.60.

 

It is good to buy on dips around 108.60-65 with SL around 108.24 for the TP of 109.50.

By Rangarajan Hariharan
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