USDJPY: Watch out 108.20 for further uptrend

Major resistance  108.15-20 (trend line and 100-day MA)

As per our analysis, USDJPY jumped above 108 and hits high of 108.15 at the time of writing. The pair was trading higher for the past 2-week and recovered more than 250 pips from a low of 104.40. The delay in tariff, US-China trade talk optimism is putting pressure on Safe-haven currencies such as Yen, Swiss franc. Markets eye US CPI and ECB monetary policy meeting for further direction. It hits an intraday high of 10 and is currently trading around 107.95.

Technically, the pair will be facing strong resistance around 108.15-20 (100 day MA and trend line resistance) and any break above will take USDJPY to next level till 109/109.31.

On the flip side, the near term major support stands around 106.50-60 (23.6% fib) and any violation below targets 106.25/105.50.

It is good to sell on rallies around 108-108.02 with SL around 108.21 for the TP of 107.40.