Ichimoku analysis (hourly chart)
Tenken-Sen-109.27
Kijun-Sen- 109.07
USDJPY has broken major resistance 109.30 and jumped till 109.48 yesterday. The pair was consolidating between a narrow range of 109.28 and 107.88 past one week. The US-China has planned to roll back tariffs in phases that have decreased the demand for Safe-haven assets like yen, gold.
US 10-year yield is trading extremely bullish and jumped more than 9%. The spread between US 10 and 2-year has widened to 26 bps.
Technically, the pair is trading slightly above 109.30 and this confirms major bullishness, a jump till 110/110.60.
The near term support is around 109, break below that level will take the pair down till 108.50/108/107.80. Minor weakness can be seen only below 107.80.
It is good to buy on dips around 109.20-25 with SL around 108.80 for the TP of 110.60.
