USDJPY holds above 108.50 level, jump till 109.30 likely

USDJPY continues to trade higher and jumped sharply after forming a minor bottom around 106.48. The pair hits 4-week high and broken major resistance 108.50 after a long consolidation. The jump was mainly due to easing US-China trade tension and Brexit uncertainty. It hits a high of 108.89 and is currently trading around 108.63.

On the flip side, near term support is around 108.30 (23.6% fib) and any violation below will drag the pair down till 108/107.69/107.40. Any minor weakness only below 106.40.

The near term resistance is around 109.30 and any break above targets 110/110.30.

It is good to buy on dips around 108.60-65 with SL around 108.20 TP of 109.30.