Ichimoku Analysis (4-hour chart)
Tenken-Sen- 108.69
Kijun-Sen- 109.07
USDJPY was trading highly volatile yesterday and shown a recovery of more than 40 pips on renewed US-China trade optimism. But previously the US has imposed tariffs on Steel and Aluminium products imported from Argentina and Brazil. Overall geopolitical tensions are supporting Safe-haven assets like yen, gold. It hits a high of 108.93 and is currently trading around 108.83.
Technically, near term support is around 108.50 and any violation below will drag the pair down till 108/107.80. Major bearish continuation only below 107.80
On the higher side, major intraday resistance is at 109.25, the violation above will take the pair to the next level 109.75/110.
It is good to buy on dips around 108.55-60 with SL around 108.20 for the TP of 109.65.
