Ichimoku analysis (Weekly chart)
Tenken-Sen-107.50
Kijun-Sen- 107.70
USDJPY is consolidating between a narrow range of 109.28 and 107.88 past one week. The US-China trade optimism is supporting the pair at lower levels. If China and the US reach a phase-one deal, both sides should roll back existing additional tariffs. It hits an intraday high of 109.12 and is currently trading around 109.01.
Technically, the pair has formed almost a triple top around 109.30 and any violation above will take the pair to next level till 110/110.60.
The near term support is around 108.50-60, break below that level will take the pair down till 108/107.80. Minor weakness can be seen only below 107.80.
It is good to buy on dips around 109 with SL around 108.50 for the TP of 110.
