USDJPY trades higher for 2nd consecutive days and holds above 107 level. The pair has broken 107.09 level and hit high of 107.23 yesterday on US-China trade optimism. The easing of the trade war has reduced demand for Safe-haven assets like yen, gold. It is currently trading around 106.96.
Technically, the pair is facing strong resistance around 107.28 (300-8 H EMA) and any break above will take the pair to next level till 107.86/108.40.
On the flip side, the near term major support stands around 106.90 (200- 8H MA) and any violation below 106.56/106.21.
It is good to buy on dips around 106.80-85 with SL around 106.21 for the TP of 108.40.
