Ichimoku Analysis (Hourly chart)
Tenken-Sen- 107.88
Kijun-Sen- 107.92
USDJPY is trading flat after hitting a high of 108.47 after the Fed meeting. The pair has shown a minor sell-off after Bank of Japan has kept its rates unchanged and signaled the chance of easing in the October meeting. The intraday trend is still bullish as long as support 107.70 holds. It hits high of 108 and is currently trading around 108.01.
On the flip side, 107.70 will be acting as near term support and any break below will drag the 107.40/106.80. Bearish continuation only below 104.40.
The major resistance is around 108.10 and any break above will take the pair till 108.48/109/109.31.
It is good to buy on dips around 107.75-80 with SL around 107.40 for the TP of 108.45.
