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Ichimoku Analysis (8 Hour Chart)
Tenken-Sen- 108.92
Kijun-Sen- 108.98
USDJPY is trading higher after financial markets got stabilized after a major sell-off due to Coronavirus. Global markets especially, S&P500 recovered more than 3.5% from low of 3213. The slight increase in demand for riskier assets has dragged prices of the gold, yen. The pair hits high of 109.719 and is currently trading around 109.65.
Technically, near term support stands at 109.22 and any violation beneath will drag the pair down till 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 109.35-40 with SL around 109 for the TP of 110.40.
