FxWirePro: Buy USDJPY on dips (High-risk call)

Ichimoku Analysis (8-hour chart)

Tenken-Sen- 108.44

Kijun-Sen- 108.66

USDJPY recovered sharply more than 150 pips on slight easing of tension between US-Iran. US President Trump said in a speech yesterday that "Iran appears to be standing down, which is a good thing for all parties concerned and a very good thing for the world." The yen surged mainly due to demand for Safe-haven assets. The pair hits high of 109.28 at the time of writing and is currently trading around 109.28.

Technically, the pair is holding above 109 level for the past 8 hours, a jump till 109.72 (Dec 1st high) is possible. Primary trend reversal only above 109.75 and break above targets 110.60/111.

On the flip side, near-term support stands at 109 and any violation below will drag the pair down till 108.72/108.40. Extreme bearish continuation only below 107.80.

It is good to buy on dips around 109.25 with SL around 109 for the TP of 109.75.