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FxWirePro: USDJPY Daily Outlook

Ichimoku Analysis (8-hour chart)

 

Tenken-Sen- 109.30

 

Kijun-Sen- 108.62

 

USDJPY is consolidating slightly after hitting a high of 109.58. Markets eye US Non-farm-payroll for further direction.US Non-farm-payrolls are anticipated to increase 164000 in Dec compared to November 266000 gain. The easing of US and Iran tension and hopes of trade deal is putting pressure on the yen. It is currently trading around 109.58.

 

Technically, the pair is holding above 200 4-H MA 109 level, major trend reversal possible only above 109.72 (Dec 1st high). Any surge above that level 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.

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