USDJPY recovered sharply more than 450 pips from low of 101.18. The demand for Safe-haven assets improved a lot in the past 3 weeks after the outbreak of coronavirus. It is currently trading around 105.03.
Technically, the pair's strong resistance at 105.38 (38.2% fib of 112.22 to 101.18) and any indicative break above targets 106/106.68/107.99.
On the flip side, near term support is around 104 and any violation below will drag the pair down till 103.22/101.18.
It is good to buy on dips around 104.75-80 with SL around 104 for the TP of 107/107.99.
