Ichimoku Analysis (Daily chart)
Tenken-Sen- 108.40
Kijun-Sen- 108.21
USDJPY recovered slightly after forming a minor bottom around 107.77 and hits high of 108.509 at the time of writing. The pair was one of the worst performers in the first week of 2020 on an escalation of tension between the US and Iran. This has increased demand for Safe-Haven assets like yen, gold. It is currently trading around 108.42.
Technically, near term resistance is around 108.80 (200- H MA). Any bullish continuation can be seen only if it closes beyond that level, jump till 109.25/109.75 likely.
On the flip side, major support is around 107.80 and any violation under will drag the pair till 107.40/106.80.
It is good to sell on rallies around 108.60-65 with SL around 109 for the TP of 107.80/107.40.
