Ichimoku Analysis (Weekly chart)
Tenken-Sen- 109.86
Kijun-Sen- 108.98
USDJPY continues to trade lower for 2nd consecutive week and lost nearly 600 pips. The outbreak of coronavirus to all major countries and a total number of infected crossed 100000. It hits an intraday low of 105.75 and is currently trading around 105.808.
Technically, the near term major support is at 105.38 (trend line) and any indicative break below targets 104.50/104.
The immediate major resistance is 106.80 and any violation above will take the pair to the next level till 107.40/108/108.57.
It is good to buy on dips around 105.75-80 with SL around 105.38 for the TP of 106.80.
