Ichimoku Analysis (Daily chart)
Tenken-Sen- 110.94
Kijun-Sen- 110.27
USDJPY has once again declined after a minor recovery till 110.70. The demand for Safe-haven assets like yen, gold has increased due to the outbreak of coronavirus. China's National Health Commission said that the figure of new cases increased by 334 and death by 29. South Korea is one of the most affected next to China and the total number of people died rose to 334. The pair hits an intraday low of 109.96 and is currently trading around 110.12.
On the flip side, immediate support is around 109.91 (21-day MA) and any violation beneath will drag the pair down till 109.18/108.30.
The near term important resistance is around 110.80 (38.2% fib), an indicative break up targets 111.35/111.60. Significant bullish continuation only beyond 112.25.
It is good to sell on rallies around 110.35-40 with SL around 110.80 for the TP of 109.
