Ichimoku Analysis (Daily Chart)
Tenken-Sen- 109.07
Kijun-Sen- 109.07
USDJPY is trading weak for 3rd consecutive days and lost more than 100 pips. The dip was mainly due to broad-based US dollar selling. US President said on Tuesday that Phase 1 of a trade deal will be signed on Jan 15th but still uncertainty prevails. It hits a low of 108.46 and is currently trading around 108.78.
Technically, near term support is around 108.15 (200- day MA) and any violation below will drag the pair down till 107.80/106.40. A break beneath 106.40 targets 104.40.
On the higher side, major resistance is at 109.20, the breach above will take the pair to the next level 109.75/110/110.60.
It is good to sell on rallies around 109.15-20 with SL around 109.75 for the TP of 108.
