Ichimoku Analysis (4-hour chart)
Tenken-Sen- 110.713
Kijun-Sen- 110.62
As per our analysis, USDJPY surged sharply more than 100 pips. The slight decline in the number of cases infected due to coronavirus has supported the pair at lower levels. It hits a high of 111.59 and holding above the major trend line resistance 111.40. According to China's National Health Commission, the total number of death increased by 114 to 2118 and the number of confirmed cases has declined a lot compared to the previous day.
On the flip side, near term support is around 110.82 (23.6% fib) and any violation beneath will drag the pair down till 110.34/110. Minor trend reversal only below 109.50.
The significant resistance is around 112, an indicative break above targets 112.40/113.
It is good to buy on dips around 111.45-50 with SL around 110.80 for the TP of 113.
