Ichimoku analysis (4-hour chart)
Tenken-Sen- 109.32
Kijun-Sen- 109.32
USDJPY has halted its 1- week of the bullish trend and shown a decline of more than 100 pips. The decline was due to the escalation of trade tension between the US and other major countries like France, Argentina, and Brazil. The pair hits a low of 108.81 at the time of writing and is currently trading around 108.85.
On the flip side, near term support stands around 108.75 (200-4H MA) and any break below will drag the pair till 108.20/107.80. Any major bearishness only below 107.80.
The major intraday resistance is around 109.20, the violation above will take the pair to the next level till 109.75/110/110.60.
It is good to sell on rallies around 108.90-95 with SL around 109.40 for the TP of 107.85.
