Ichimoku Analysis (1-hour chart)
Tenken-Sen- 107.18
Kijun-Sen- 107.49
USDJPY continues to trade lower for the past 10 days and lost more than 500 points on the outbreak of coronavirus. The total number of people infected crossed 90000 and the death toll rose to 3000. The pair hits a low of 106.84 and is currently trading around 107.462.
On the flip side, immediate support is around 106.80 and any violation beneath will drag the pair down till 106.40/106.
The near term important resistance is around 107.85, an indicative break up targets 108.25/108.60. Minor trend reversal only beyond 108.60.
It is good to sell on rallies around 108.25-30 with SL around 108.60 for the TP of 107.
