Ichimoku analysis (8-Hour chart)
Tenken-Sen- 109.01
Kijun-Sen- 108.74
USDJPY has recovered after showing a dip to 108.87 level. The overall trend is bullish as long as support 107.80 holds. It hits an intraday high of 109.17 and is currently trading around 109.14.
Technically, the pair has taken support near the cloud bottom and shown a nice jump. Any minor intraday weakness can be seen below 108.80 and any violation beneath will drag the pair down till 108.45/108. Major bearish continuation only if it violates 107.80.
On the higher side, 109.50 will be acting as major resistance and the break above targets 110/110.60.
It is good to buy on dips around 109 with SL around 108.45 for the TP of 110/110.60.
