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FxWirePro: USDJPY faces strong resistance at 108.35, good to buy on dips
Major resistance- 108.35
USDJPY has shown a good dip of more than 90 pips after a minor dip till 107.44. The decline was mainly due to a slight escalation of geopolitical tensions in the Middle East after drone attack n Saudi. But easing US-China trade tension has reduced demand for Safe-haven assets. It hits high of 108.37 and is currently trading around 108.19.
Markets eye Fed monetary policy for further direction and chance of central bank to keep rates unchanged increased.
On the flip side, 107.40 will be acting as near term support and any break below will drag the 106.80/105.94. Bearish continuation only below 104.40.
The major resistance is around 108.35 and any break above will take the pair till 109/109.31.
It is good to buy on dips around 108 with SL around 107.40 for the TP of 109.30.