Major resistance- 109.30
USDJPY has taken support near trend line and shown a more than 100 pips jump. The jump was mainly due to US-China trade optimism. The phase one deal is expected to be signed this month. This has decreased demand for safe-haven assets like yen, gold. The pair hits high of 108.89 and is currently trading around 108.86.
On the flipside, near-term support is around 108.45-50 and any violation below will drag the pair to the next level 108/107.80/107.37. Major trend continuation only if it violates 106.40.
The pair formed almost a double top at 109.30, jump above that level confirms minor bullishness, a jump till 110/110.60 likely.
It is good to buy on dips around 108.50 with SL around 108 for the TP of 109.30.
