Ichimoku analysis (Hourly chart)
Tenken-Sen-108.56
Kijun-Sen- 108.48
USDJPY is trading slightly weak after hitting a high of 108.66 at the time of writing. The intraday trend is still bullish as long as support 108.32 (200-H MA) holds. The strength in JPY came after UK MPs rejected the new Brexit deal. Markets eye US-China trade talks and further progress in Brexit for a major trend reversal.
On the lower side, 108.30 will be acting as intraday major support and any violation below will drag the pair down till 108/107.40 (61.8% fib).
The near term resistance is around 108.70 and any break above will take the pair to next level till 109.05/110. Major bullish continuation only above 109.05.
It is good to buy on dips around 108.30 with SL around 108 for the TP of 109.05.
