Ichimoku Analysis (Monthly chart)
Tenken-Sen- 108.42
Kijun-Sen- 109.59
USDJPY has halted its 3 months of winning streak and shown a minor selling from a temporary top around 109.75. It is currently trading around 108.65.
The pair jumped more than 500 pips from low of 104.41 on easing US-China trade tension. Chinese Vice Premier Liu He is expected to sign a "Phase one deal" with the US by this week. The decrease in demand for safe-haven assets like the yen is supporting the price at lower levels.
On the flip side, near term support is around 108.30 and violation below will drag the pair down till 107.80/107.40.
The major resistance is around 109.75, an indicative break above targets 110/110.60.
It is good to buy on dips around 108 with SL around 107 for the TP of 110/110.60.
