Ichimoku Analysis (Weekly Outlook)
Tenken-Sen- 108.80
Kijun-Sen- 107.08
USDJPY is trading higher for 2nd consecutive week and jumped more than 100 pips after hitting low of 108.42. The overall trend is slightly on the higher side on US-China is expected to sign phase one deal by this year. It hits a high of 109.70 previous weeks and is currently trading around 109.55.
Technically, near term support is around 108.40 (21- W EMA), any violation below will drag the pair down till 107.80. Any break beneath 107.80 targets 106.50. the minor levels are at 109.25/109.
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 109.15-20 with SL around 108.40 for the TP of 110.60.
