Ichimoku Analysis (Hourly chart)
Tenken-Sen- 107.40
Kijun-Sen- 107.40
USDJPY was trading higher for the day and jumped more than 70 pips. Markets awaiting US-China trade talks developments which have started today and New York Times have reported that President Trump administration is expected to give green light to sale some of US goods to blacklisted Huawei On the data front, US CPI is a major economic event to be released today. It hits high of 107.78 and is currently trading around 107.50.
On the higher side, major intraday resistance is around 107.71 (61.8% fib) and any convincing break above will take the pair to next level till 108/108.50.
The near term support is around 107.40 and any break below will drag the pair to the next level till 107/106.40.
It is good to buy on dips around 107.20-25 with SL around 106.80 for the TP of 108/108.50.
