Major Intraday resistance - 107.25 (trend line joining 108.469 and 107.44)
USDJPY has taken support near trend line support at 106.40 and shown a good recovery of nearly 100 pips. The pair declined till 106.80 yesterday and is currently trading around 107.18.
The decline from 108.47 was mainly due to trade war uncertainty which has increased demand for Safe-haven assets like yen and gold.
The major resistance for the day is around 107.25 and any violation above will take the pair till 107.71/108. Any bullish continuation only above 108.50.
On the flip side, near term support is around 106.80 and any convincing break below targets 106.40/106.25.
It is good to buy above 107.25 with SL around 106.80 for the TP of 108.40.
