Ichimoku Analysis (8-hour chart)
Tenken-Sen- 109.84
Kijun-Sen- 109.22
USDJPY has once again declined after showing a jump above 110 level. The spread of coronavirus across various countries has slightly increased demand for Safe-haven assets like yen, gold. According to health officials in China Hubei province, the total number of death increased by 242 to 1310, infected people rose to 14840 in Hubei alone.
Technically, immediate strong trend line resistance is at 110.15 and any close above will take the pair to next level till 111/112. The decline from 114.54 will get completed at 105.25 only if pair trades above 110.15.
On the flip side, near term support is at 109.60 (23.6% fib) and any indicative break below targets 109-109.12/108.30. Minor bearishness only below 108.30.
It is good to sell on rallies around 110 with SL around 110.20 for the TP of 109.25.
