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FxWirePro: USDJPY daily outlook

Ichimoku analysis (hourly chart)

 

Tenken-Sen – 108.73

 

Kijun-Sen- 108.70

 

USDJPY continues to trade higher after showing a minor dip to 108.55. The overall trend is slightly bullish as long as support 107.90 holds. The pair is trading bullish on declining demand for Safe-haven assets like gold, yen, etc.

 

The near-term support is around 108.30 and any break below will drag the pair down till 107.90 (200-H MA)/107.37. Major bearish continuation below 106.40.

 

On the higher side, near term resistance is at 109.30 and any violation confirms bullish continuation and a jump till 110/110.35.

 

It is good to buy on dips around 108.55-60 with SL around 107.90 for the TP of 109.30

 

 

By Rangarajan Hariharan
  • Market Data
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