Ichimoku Analysis (1- Hour chart)
Tenken-Sen- 109.83
Kijun-Sen- 109.75
As per our analysis, CHJPY is trading lower for 2nd consecutive days and lost nearly 40 pips from yesterday's high of 110.23. The pair jumped more than 140 pips in the past 2-week on easing US-China trade tension which has decreased demand for Safe-haven assets like yen, gold. It is currently trading around 109.83.
USDJPY continues to trade lower and lost more than 100 pips. Any break below 108.40 confirms intraday weakness and a dip till 108.20/107.80 likely.
Technically, near-term support is at 109.75 and any violation below will drag the pair down till 109.35/109. Major trend continuation only below 109.
On the higher side, major resistance for the day stands at 110.40 and indicative jump above that level targets 111/112.
It is good to sell on rallies around 109.85-90 with SL around 110.25 for the TP of 109.
