Ichimoku Analysis (Daily Chart)
Tenken-Sen- 109.51
Kijun-Sen- 108.97
USDJPY is consolidating after hitting a low of 108.73 yesterday. The pair was trading lower after the outbreak of coronavirus. The total number died has increased to 106 and the number of infected cases jumped to 4515 from 2800 a day earlier. The gold and yen are benefiting from risk aversion. The pair hits a low of 108.72 and is currently trading around 108.84.
Technically, near term support stands at 108.55 (200-day MA) and any violation below will drag the pair down till 108.30/107.80.On the higher side, immediate resistance is at 109.75, any violation above targets 110.40 (trend line resistance )/ 110.70 (61.8% fib)/111/111.70. The minor resistance is at 110.
It is good to sell on rallies around 109.15-20 with SL around 109.65 for the TP of 108.30/107.80.
