Ichimoku Analysis (4- Hour chart)
Tenken-Sen- 109.83
Kijun-Sen- 109.75
As per our analysis, CHJPY is trading higher for 7th consecutive days and jumped nearly 150 pips to 110.23. The pair has halted its bullish trend and lost 20 pips within an hour on strong yen. The renewed trade war between the US and other major countries such as France, Argentina, and Brazil has increased demand for safe-haven assets like yen, gold, etc. It is currently trading around 109.98.
USDJPY continues to trade lower and lost more than 100 pips on trade uncertainty. Any break below 108.75 confirms intraday weakness and a dip till 108.20/107.80 likely.
Technically, near-term support is at 109.80 and any violation below will drag the pair down till 109.60/40/109. 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 110.15-20 with SL around 110.45 for the TP of 109.
