Ichimoku Analysis (Weekly chart)
Tenken-Sen- 108.07
Kijun-Sen- 107.05
USDJPY continues to trade higher after more than 100 pips jump in the previous week. It hits a low of 108.63 and is currently trading around 109.64. The overall trend is still bullish as long as support 107.80 holds. The US-China trade optimism as supporting riskier assets like stocks and treasury. It hits high of 109.72 at the time of writing and is currently trading around 109.619.
Technically, the pair major resistance is around 109.83 (200-W MA). Any break above that level confirms bullish continuation and a jump till 110.60/111 likely.
On the flip side, near term support is around 108.80 and any violation beneath will drag the pair down till 107.80/108. Major bearish continuation only if it violates 107.80.
It is good to buy on dips around 109.25-30 with SL around 108.75 for the TP of 110.60.
