Major resistance- 109.05
USDJPY has formed almost a double top around 109.06 and shown a minor dip. Markets will be quiet for the day until the US Fed monetary policy. The US Fed is expected to cut rates by 25 bps and already priced in. Any hawkish cut will take the pair further higher. It is currently trading around 108.83.
US 10-year yield is holding above 1.81% level, major bullishness can be seen only above 1.91%. Technically, near term resistance is at 109.05 and any violation above will take the pair to next level till 110/110.48.
The near-term support is around 108.60 (200-H MA) and any violation below will drag the pair down till 108.24/108.
It is good to buy on dips around 108.65-70 with SL around 108.24 for the TP of 110.
