Ichimoku Analysis (Hourly chart)
Tenken-Sen- 109.56
Kijun-Sen- 109.55
USDJPY has once again declined after forming almost a double top near 109.70. The pair is in a bullish trend for the past 2 weeks and surged more than 100 pips after hitting a low of 108.42. The overall trend is slightly on the higher side as long as support 108.30 holds. It is currently trading around 109.476.
Technically, near term support is around 109 (200- H MA) and any violation below will drag the pair down till 108.30/107.80 Any break beneath 107.80 targets 106.50.
On the higher side, major resistance is at 109.77 (200-W MA), the breach above will take the pair to the next level 110/110.60.
It is good to buy on dips around 109.325-30 with SL around 109 for the TP of 110.
