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FxWirePro: Sell USDJPY on rallies
Ichimoku Analysis (Daily Chart)
As per our analysis, USDJPY continues to trade lower and lost more than 100 pips from the temporary top 110.29. According to China's National Health Commission, the number of cases infected due to coronavirus has increased to 830. The travel ban has been issued by local governments to the eight cities in Hubei. The pair hits a low of 109.26 and is currently trading around 109.529.
Technically, near term support stands at 109.25 and any violation below will drag the pair down till 109.06/108.30. On the higher side, immediate resistance is at 110.40 (trend line resistance ), any violation above targets 110.70 (61.8% fib)/111/111.70. The minor resistance is at 110.
It is good to sell on rallies around 109.75-80 with SL around 110.10 for the TP of 109.05.