Ichimoku Analysis (Daily Chart)
Tenken-Sen- 108.72
Kijun-Sen- 108.749
USDJPY has once again recovered after showing a minor decline below 38.2% fib yesterday. The pair is highly volatile due to the escalation of tension between the US and Iran. Iran has retaliated by striking missiles in the US military base in Iraq one at Al Asad and one in Irbil. It hits an intraday high of 108.509 and is currently trading around 108.439.
Technically, near term resistance is around 108.65-80 (200 -day MA and EMA). Any bullish continuation can be seen only if it closes beyond that level, jump till 109.25/109.75 likely.
On the flip side, major support is around 107.80 and any violation under will drag the pair till 107.40/106.80.
It is good to sell on rallies around 108.60-65 with SL around 109 for the TP of 107.80/107.40.
