Ichimoku analysis (4 -hour chart)
Tenken-Sen- 107.79
Kijun-Sen- 107.56
USDJPY recovers once again sharply after showing a dip till 107.42 yesterday. The slight easing of trade tension and broad-based USD dollar buying is supporting prices at lower levels. The pair hits high of 108.17 and is currently trading around 108.10.
On the flip side, major intraday support is around 107.40 and any break below will drag the pair till 106.95-107. Any major reversal only below 106.95.
The near term resistance is around 108.50 and any violation above that level targets 109/109.31. The decline from 112.40 will get over at 104.40 only if the pair breaks above 109.30 level.
It is good to buy on dips around 107.75-80 with SL around 107.40 for the TP of 109.30.
