Ichimoku analysis (8-Hour chart)
Tenken-Sen- 108.72
Kijun-Sen- 108.62
USDJPY has once again declined after jumping slightly above the 109 level. The overall trend is bullish as long as support 107.80 holds. It hits high of 109.20 and is currently trading around 108.92.
Technically, the pair is holding above cloud (8- hour chart) and this confirms minor bullishness. But it should break above 109.50 for further direction. Any violation targets 110/110.60.
On the flip side, 108.65 will be acting as near-term support and the break below will drag the pair down till 108.20/107.80.
It is good to buy on dips around 108.70-75 with SL around 108 for the TP of 110/110.60.
