Ichimoku analysis (Hourly chart)
Tenken-Sen- 107.63
Kijun-Sen- 107.76
USDJPY is trading lower and lost more than 50 pips on account of geopolitical tension in the Middle East. The pair has formed a temporary top around 108.49 and started to decline. It is currently trading around 107.415.
On the flip side, the pair has broken major support 107.40 and any violation below will drag the pair down till 107/106.40.
The near term resistance is around 108 and breaks above will drag the pair to the next level till 108.50/109.31. The decline from 112.45 will end at 104.40 only if the pair breaks above 109.31.
It is good to sell on rallies around 107.55-60 with SL around 108 for the TP of 106.25.
