FxWirePro:USDJPY upside capped by major trend line, good to sell on rallies

Ichimoku Analysis (Daily chart)

Tenken-Sen- 108.97

Kijun-Sen- 108.97

USDJPY has halted its 9 -day of winning streak and lost more than 40 pips from high of 110.29. The re-escalation of tension between the US and Iran is supporting Safe-haven assets like yen and gold. According to reports, three rockets have fallen near the US embassy in Baghdad's green zone. It hits an intraday low of 109.89 and is currently trading around 109.96.

Technically, near term support stands at 109.85 (200- H MA) and any violation below will drag the pair down till 109.33/109.06. On the higher side, immediate resistance is at 110.40 (trend line resistance ), any violation above targets 110.70 (61.8% fib)/111/111.70.

It is good to sell on rallies around 110.10-20 with SL around 110.40 for the TP of 109.05.