Ichimoku Analysis (8 -hour chart)
Tenken-Sen- 109.19
Kijun-Sen- 109.14
USDJPY continues to trade higher for the past 3 trading days and jumped more than 150 pips from low of 108.31. The good recovery in global markets as fear over coronavirus eased. US 10-year yield has halted its bearish trend and jumped more than 10% which is also supporting the pair. It hits high of 109.98 and is currently trading around 109.86.
Technically, near term support stands at 109.57 (23.6% fib) and any violation beneath will drag the pair down till 109/108.55/108.301. The significant downside can be seen only under 108.30. On the higher side, immediate resistance is at 109.75, any violation beyond targets 110.40 (trend line resistance )/111.
It is good to buy on dips around 109.50-55 with SL around 109 for the TP of 110.40/111.
