Ichimoku Analysis (Daily chart)
Tenken-Sen- 108.94
Kijun-Sen- 108.96
USDJPY trades weak and lost more than 80 pips from yesterday's high on an escalation of US-Iran tension. The US on Friday attacked Baghdad airport and Iranian Gen Qassem Soleimani killed. This increased demand for Safe-haven assets like yen, gold. It hits a low of 107.91 at the time of writing and is currently trading around 108.07.
On the flip side, the pair is facing powerful support at 107.80 and any breach under will drag the pair to the next level till 106.95/106.50. Major bearishness only beneath 106.40.
The near term resistance is at 108.40 and cracks beyond targets 108.70-80/109.20. Ultra trend reversal beyond 109.75.
It is good to sell on rallies around 108.35-40 with SL around 108.80 for the TP of 107.40.
