USDJPY: Trend line break out (Target 107.80)

Ichimoku Analysis (4-hour chart)

Tenken-Sen- 110.51

Kijun-Sen- 110.27

USDJPY continues to trade lower for 5 consecutive days and lost more than 350 pips on the spread of coronavirus. China's National Health Commission said that the figure of new cases increased by 44 and the number of people died rose to 2788. New Zealand and Nigeria have reported the first case infected due to a virus. The pair hits an intraday low of 108.65 and is currently trading around 108.62.

On the flip side, immediate support is around 108.30 and any violation beneath will drag the pair down till 107.80/107.30.

The near term important resistance is around 109.46, an indicative break up targets 109.80/110.20. Significant bullish continuation only beyond 112.25.

It is good to sell on rallies around 108.75-80 with SL around 109 for the TP of 107.80.