Ichimoku analysis (Weekly chart)
Tenken-Sen- 108.68
Kijun-Sen- 107.08
USDJPY is trading higher for 2nd consecutive week and jumped more than 250 pips on easing geopolitical tension. US President Trump has signed an 86 page initial trade deal agreement with senior Chinese leaders yesterday after two years of negotiations. This has decreased demand for Safe-haven assets like yen.
Technically, the pair is holding above 110 level and near term resistance is around 110.70 (61.8% fib). Any violation above targets 111/111.70. On the flip side, near-term support stands at 109.44 and any violation below will drag the pair down till 109-108.68. Extreme bearish continuation only below 107.80.
It is good to buy on dips around 109.75-80 with SL around 109.45 for the TP of 110.68/111.
