Ichimoku Analysis (8- hour chart)
Tenken-Sen- 109.40
Kijun-Sen- 109.16
USJPY is trading higher but struggling to close above 110 levels. The surge in the global stock market and bond yield is supporting prices at lower levels. Markets eye US Nonfarm payroll data for further direction. It hits a high of 110.02 and is currently trading around 109.95.
Technically, immediate strong trend line resistance is at 110.15 and any close above will take the pair to next level till 111/112. The decline from 114.54 will get completed at 105.25 only if pair trades above 110.15.
On the flip side, near term support is at 109.60 (23.6% fib) and any indicative break below targets 109-109.12/108.30. Minor bearishness only below 108.30.
It is good to buy above 110.15 with SL around 109.60 for the TP of 112.
