Ichimoku Analysis (8 Hour Chart)
Tenken-Sen- 109.01
Kijun-Sen- 109.47
USDJPY is declining once again after showing a minor jump till 109.26. The overall trend is still on the downside as long as resistance 110.30 holds. The declining US 10-year bond yield and increase in confirmed cases of coronavirus are supporting yen. The pair hits an intraday low of 108.76 and is currently trading around 108.92.
Technically, near term support stands at 108.65 (61.8% fib) and any violation below will drag the pair down till 108.30/107.80.On the higher side, immediate resistance is at 109.50, any violation above targets 110.40 (trend line resistance )/ 110.70 (61.8% fib)/111/111.70. The minor resistance is at 110.
It is good to sell on rallies around 109.25-30 with SL around 109.75 for the TP of 108.30/107.80.
