Ichimoku Analysis (8-hour chart)
Tenken-Sen- 109.54
Kijun-Sen- 108.67
USDJPY recovered slightly after showing a minor dip till 109.43 on Friday. US and China Phase one trade deal to be signed on Jan 15th and demand for riskier assets like stocks increased on positive global cues. It is currently trading around 109.85.
Technically, the pair has broken major resistance 109.75 and a jump till 110.60/111. On the flip side, near-term support stands at 109.33 and any violation below will drag the pair down till 109/108.40. Extreme bearish continuation only below 107.80.
It is good to buy on dips around 109.70-75 with SL around 109.33 for the TP of 110.60.
