Ichimoku analysis (8-Hour chart)
Tenken-Sen- 109.24
Kijun-Sen- 108.94
USDJPY is trading higher for past 1-week and jumped more than 100 pips from low of 108.24. It hits the highest level since May on easing US-China trade tension. The trade optimism has decreased demand for Safe-haven assets like yen, gold. The overall trend is bullish as long as support 107.80 holds. It hits a high of 109.60 and is currently trading around 109.14.
Technically, the pair is holding well above the 109 level. Any break above trend line resistance 109.75 confirms bullish continuation and a jump till 110/110.60 likely.
The minor intraday weakness can be seen below 108.80 and any violation beneath will drag the pair down till 108.45/108. Major bearish continuation only if it violates 107.80.
It is good to buy on dips around 109.15-20 with SL around 108.70 for the TP of 110/110.60.
