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Major support- 108.60
USDJPY is trading in a narrow range between 109.48 and 108.87 for the past 4 days. The pair was trading higher in the previous week on US-China trade optimism. Markets eye trade deal progress in the coming days for further direction. The overall trend is bullish as long as support 108 holds. Any minor movement can happen only after US CPI and Fed Powell testimony. It hits an intraday high of 109.09 and is currently trading around 108.90.
US 10-year yield is consolidating after hitting a high of 1.97%. The yield has jumped more than 15% this month and is currently trading at 1.94%.
The near-term major resistance is around 109.50, any violation above confirms trend continuation, a jump till 110/110.60.
On the flip side, support stands at 108.60 and the break below will drag the pair down till 108. Any daily close below 108 (50- day MA) targets 106.80.
It is good to buy on dips around 108.60 with SL around 108 for the TP of 110/110.60
