Ichimoku Analysis (Daily chart)
Tenken-Sen- 108.97
Kijun-Sen- 108.97
USDJPY continues to trade higher for past 1-week and jumped more than 250 pips on increasing demand for riskier assets like stock. China has agreed to buy an additional $77 billion and $123 billion in 2020 and 2021 goods and services to meet the total $200 billion. USDCNY is trading weak for the past 5 weeks and hits the lowest level since July 2019.
Technically near- term support stands at 109.67 (23.6% fib), any violation below targets 109.30 (10- day MA)/109. Major weakness can be seen only below 108.50 (200- day MA).
The near term is at 110.70 (61.8% fib), any violation above targets 111/111.70.
It is good to buy on dips around 110 with SL around 109.30 for the TP of 111.70.
