Ichimoku Analysis (Hourly chart)
Tenken-Sen- 108.79
Kijun-Sen- 108.68
USDJPY trades is trading higher after a minor dip till 108.27 level. The overall trend is still bullish as long as support 107.80 holds. The jump was mainly due to the hopes of the US-China phase 1 trade deal. The pair hits high of 108.89 and is currently trading around 108.85.
On the flip side, near-term support stands around 108.65 (200- H MA) and any violation below will drag the pair down till 108.25/107.80. Major reversal below 107.80 level.
The major resistance is around 109.50, an indicative break above targets 110/110.60.
It is good to buy on dips around 108.65-70 with SL around 108.20 for the TP of 109.50.
