Ichimoku analysis (Monthly chart)
Tenken-Sen- 108.42
Kijun-Sen- 109.59
USDJPY continues to trade higher for 3rd consecutive month and jumped more than 350 pips on US-China trade optimism. The treasury yields rose more than 35% from low of 1.428% and rising yield will be supportive of this pair. It hits the high of 109.60 and is currently trading around 109.14.
Technically, the pair major resistance is around 109.60-109.75 (Kijun-Sen and trend line resistance). Any break above that level confirms bullish continuation and a jump till 110.60/111 likely.
The minor weakness can be seen below 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 with SL around 108.45 for the TP of 110/110.60.
