FxWirePro: USDJPY struggles to close above 200-day MA, dip till 107 likely

Ichimoku Analysis (4-hour chart)

Tenken-Sen- 108.02

Kijun-Sen- 109.03

USDJPY has almost formed a double top around 108.60 and started to decline. The overall trend is still weak due to the outbreak of coronavirus. The US has confirmed 4 more death in Seattle and the total in the US rose to 6. The total number of infected persons in South Korea crossed 4800, global surged 90000. The pair hits an intraday low of 107.66 and is currently trading around 107.86.

On the flip side, immediate support is around 107.65 and any violation beneath will drag the pair down till 107.35/107.

The near term important resistance is around 108.60, an indicative break up targets 109/109.55/109.80. Significant bullish continuation only beyond 112.25.

It is good to sell on rallies around 108.25-30 with SL around 108.60 for the TP of 107.