Ichimoku Analysis (Hourly chart)
Tenken-Sen- 107.21
Kijun-Sen- 107.37
USDJPY continues to trade lower for fourth consecutive days and lost more than 150 pips form temporary top 108.48. The decline was mainly due to geopolitical tensions in the Middle East and political uncertainty in the US which has increased the demand for Safe-haven assets like Yen, Gold and Swiss franc. It hits a low of 106.96 and is currently trading around 107.305.
On the lower side, near term support stands around 106.80 and any violation below will drag the pair down till 106.25/105.80. Major weakness only below 104.40 level.
The near term resistance is around 107.55 (23.6% fib) and any violation above will drag the pair to the next level till 108/108.50.
It is good to sell on rallies around 107.50-55 with SL around 108 for the TP of 106.25.
