FxWirePro: Sell USDJPY on rallies

Ichimoku Analysis (8 Hour Chart)

Tenken-Sen- 109.19

Kijun-Sen- 109.51

USDJPY has shown a minor jump of more than 50 pips from a low of 108.72. The overall trend is still on the downside as long as resistance 110.30 holds. The demand for safe-haven has increased after the outbreak of coronavirus. The total number died has increased to 106 and the number of infected cases crossed 6000. The pair hits a high of 109.26 and is currently trading around 109.06.

Technically, near term support stands at 108.65 (61.8% fib) and any violation below will drag the pair down till 108.30/107.80.On the higher side, immediate resistance is at 109.50, any violation above targets 110.40 (trend line resistance )/ 110.70 (61.8% fib)/111/111.70. The minor resistance is at 110.

It is good to sell on rallies around 109.25-30 with SL around 109.75 for the TP of 108.30/107.80.