Ichimoku analysis (hourly chart)
Tenken-Sen- 109.55
Kijun-Sen- 109.47
CHJPY is trading higher for 4th consecutive days and jumped more than 80 pips till 109.67 on declining demand for Safe-haven assets like yen, gold, Swiss franc. It is currently trading around 109.64.
USDJPY continues to move on the higher side and hits the highest level since May 2019. Any break above yesterday's high of 109.60 confirms bullish continuation and a jump till 110.60 likely.
Technically, near-term support is at 109 and any violation below will drag the pair down till 108.75/108.55/108.10.
On the higher side, major resistance for the day stands at 109.65 (61.8% fib) and indicative jump above that level targets 110/110.40. The pair should break above 110.40 for bullish continuation,
It is good to buy on dips around 109..25-30 with SL around 109 for the TP of 110.40.
