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Ichimoku analysis (1 -hour chart)
Tenken-Sen- 108.29
Kijun-Sen- 108.15
USDJPY has recovered slightly more than 70 pips from the dip of 107.70. The broad-based US dollar buying is supporting the price at a lower level. The pair hits an intraday high of 108.46 and is currently trading around 108.30.
On the flip side, major intraday support is around 108.15 and any break below will drag the pair till 108/107.70/107.40. 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 108.25-30 with SL around 108 for the TP of 109.30.
