Ichimoku Analysis (4-hour chart)
Tenken-Sen- 109.87
Kijun-Sen- 109.80
USDJPY is consolidating in a narrow range after hitting a high of 110.13. The outbreak of coronavirus is supporting Safe-haven assets like yen, gold. The total number of people died has increased to 1770 and the number of infected cases crossed 70000. It hits an intraday low of 109.65 and is currently trading around 109.72.
On the flip side, near term support is around 109.50 and any violation below will drag the pair down till 109/108.30.
The major resistance is around 110.20 and indicative break above targets 111/112.
It is good to sell on rallies around 109.85-90 with SL around 110.20 for the TP of 109.
