Ichimoku Analysis (1-hour chart)
Tenken-Sen- 108.74
Kijun-Sen- 108.65
USDJPY is trading slightly on the higher side but the intraday trend is neutral as long as resistance 109.05 holds. It has formed a temporary top around 108.939 and declined till 108.24.
The easing of US-China trade tension has decreased demand for safe-haven assets like yen, gold. But Brexit uncertainty is putting pressure on USDJPY at higher levels.
On the higher side, near term resistance is at 109.05 and any violation above will take the pair to next level till 110/110.48.
The near-term support is around 108.60 (200-H MA) and any violation below will drag the pair down till 108.24/108.
It is good to buy on dips around 108.50-55 with SL around 108.24 for the TP of 109.30.
