Ichimoku Analysis (8-hour chart)
Tenken-Sen- 110
Kijun-Sen- 109.84
USDJPY has halted its 2-week of the bullish trend and lost more than 50 pips on a slight increase in demand for Safe-haven assets. The Wuhan coronavirus has infected more than 400 people and a total of 9 died. The US has confirmed the first person with a new coronavirus and the CDC expects more cases. The pair hits low of 109.78 and is currently trading around 110.04.
Technically, near term support stands at 109.64 (23.6% fib) and any violation below will drag the pair down till 109.33/109.06. On the higher side, immediate resistance is at 110.40 (trend line resistance ), any violation above targets 110.70 (61.8% fib)/111/111.70.
It is good to sell on rallies around 110.10-20 with SL around 110.40 for the TP of 109.05.
