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Major Intraday support- 108.25
USDJPY is trading flat between 108.93 and 108.24 for the past 5 trading days. It has formed a minor bottom around 106.48 and jumped more than 200 pips on easing trade tension which has decreased demand for safe-haven assets like yen, gold. The overall trend is bullish as long as support 104.40 holds. Markets eye development in Brexit and US-Sino trade talks for further direction.
On the flip side, near term intraday support is around 108.24 low made on Oct 23rd and any violation below will drag the pair down till 108/107.55 (100-day MA). A major weakness for the day only below 107.40 level.
The major resistance is around 109.05 (200- day MA) and any break above confirms that minor weakness from 112.40 got over at 104.44, a jump till 110/112 is possible.
It is good to buy on dips around 108.50-55 with SL around 108.25 for the TP of 109.30.
