Ichimoku Analysis (1-hour chart)
Tenken-Sen- 108.61
Kijun-Sen- 108.55
USDJPY is trading in a tight range between 108.42 and 108.99 for the past two days. The trend is on the higher side of US-China trade optimism. US White House adviser Jared Kushner said that trade talks between two countries are "heading in a good direction". The pair has formed a temporary top around 109.72 and shown a decline of more than 100 pips after the US leveled tariffs on steel imported from Argentina and Brazil. It hits a low of 108.427 and is currently trading around 108.64.
Technically, near term support is around 108.40, 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 108.98 (200-H MA), the breach above will take the pair to the next level 109.25/109.75/110.
It is good to buy on dips around 108.50-55 with SL around 108.20 for the TP of 109.25.
