Ichimoku analysis (Hourly chart)
Tenken-Sen- 108.46
Kijun-Sen - 108.59
USDJPY continues to trade lower for 2nd consecutive days after a minor jump till 109.07. The intraday trend is slightly weak as long as resistance 108.87 (200-H MA). It hits an intraday low of 108.34 and is currently trading around 108.39.
On the flip side, near-term major support stands at 108.24 (78.6% fib), break below that level will take the pair till 108/107.80. Minor trend reversal only below 107.80.
The major resistance is at 109.50 and bullish continuation only above that level. Any indicative break above targets 110/110.60.
It is good to sell on rallies around 108.85-90 with SL around 109.50 for the TP of 107.80.
