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FxWirePro: USDJPY Daily Outlook

Ichimoku analysis (Hourly chart)

 

Tenken-Sen- 108.46  

 

Kijun-Sen - 108.59

 

USDJPY continues to trade lower for 2nd consecutive days after a minor jump till 109.07. The intraday trend is slightly weak as long as resistance 108.87 (200-H MA). It hits an intraday low of 108.34 and is currently trading around 108.39.

 

On the flip side, near-term major support stands at 108.24 (78.6% fib), break below that level will take the pair till 108/107.80. Minor trend reversal only below 107.80.

 

The major resistance is at 109.50 and bullish continuation only above that level. Any indicative break above targets 110/110.60.

It is good to sell on rallies around 108.85-90 with SL around 109.50 for the TP of 107.80.

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