Ichimoku Analysis (Hourly chart)
Tenken-Sen- 108.93
Kijun-Sen- 108.74
USDJPY is on the higher side for 3rd consecutive days and jumped more than 80 pips from low of 108.24. It hits an intraday high of 109.07 and is currently trading around 109.05.
The easing of US-China trade tension has decreased the demand for Safe-haven currencies such as yen, Swiss franc. The Overall trend of USDJPY is bullish as long as support 107.80 holds.
On the higher side, major resistance is at 109.50, any violation above will take the pair to the next level till 110/110.60.
The near term major support for the day is around 108.90-108.80, any hourly close will drag the pair down till 108.65/108.22 (78.6% fib). Major bearish continuation only below 107.80.
It is good to buy on dips around 108.90-95 with SL around 108.50 for the TP of 110.
