Ichimoku Analysis (Hourly chart)
Tenken-Sen- 110.35
Kijun-Sen- 110.30
USDJPY recovered more than 50 pips after 4 days of bearishness. China's death toll due to coronavirus rose to 2700 and the number of cases infected worldwide crossed 80000. Iran recorded several deaths next to China. The pair jumped to 110.58 and is currently trading around 110.45.
On the flip side, immediate support is around 109.91 (21-day MA) and any violation below will drag the pair down till 109.18/108.30.
The near term important resistance is around 110.65 (200-H MA), an indicative break up targets 111/111.35. Significant bullish continuation only beyond 112.25.
It is good to buy above 110.65 with SL around 110.18 for the TP of 111.35.
