Ichimoku Analysis (daily )
Tenken-Sen- 108.64
Kijun-Sen- 107.76
USDJPY is trading higher for 3rd consecutive days and jumped more than 50 pips on easing US-China trade tension. US President said on Monday that it was "close to finalizing" some parts of a trade deal. The overall trend is bullish and any minor weakness only below 108.13.
US 10-year bond yield continues to trade higher and hist 1-1/2 month high and is currently trading around 1.86%. The yield and yen are inversely related.
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.
