Ichimoku Analysis (1-hour chart)
Tenken-Sen- 108.61
Kijun-Sen- 108.61
USDJPY is trading in a tight range after hitting a low of 108.42. The pair doesn't show any movement even after Fed monetary policy. Markets eagerly await for US-China phase one deal for further direction. The overall trend is still on the downside as long as resistance 110 holds.
Technically, near term support is around 108.30, any violation below will drag the pair down till 107.80. Any break beneath 107.80 targets 106.50.
On the higher side, major intraday resistance is at 108.80 (200-H MA), the breach above will take the pair to the next level 109/109.25/109.75/110.
It is good to sell on rallies around 109-109.10 with SL around 109.75 for the TP of 106.60.
