FxWirePro: USDJPY trades above 110 level, jump till 111 possible
Ichimoku Analysis (1-hour chart)
Tenken-Sen- 109.90
Kijun-Sen- 110.06
USDJPY continues to trade higher and jumped more than 200 pips on the US and China trade deal which is to be signed tomorrow. The US has removed China from the currency manipulator list and positive gestures have increased demand for riskier assets. Markets eye US CPI data which is to be released today for further direction. The pair hits high of 110.21 and is currently trading around 110.03.
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 109.73 and any violation below will drag the pair down till 109.45/109-108.88. 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.
