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Ichimoku Analysis (8 Hour Chart)
Tenken-Sen- 108.78
Kijun-Sen- 109.21
USDJPY is declining for the past 2-weeks after forming a minor top around 110.29. The overall trend is still on the downside as long as resistance 110.30 holds. The declining US 10-year bond yield and increase in confirmed cases of coronavirus are supporting yen. China has recorded 2590 cases on Feb 1st and the total number of infected people exceeded 17000. The pair hits an intraday low of 108.76 and is currently trading around 108.52.
Technically, near term support stands at 108.30 and any violation below will drag the pair down till 107.80/107.40. On the higher side, immediate resistance is at 109.08, any violation above targets 109.53/109.75/110.40 (trend line resistance ).
It is good to sell on rallies around 108.70-75 with SL around 109.30 for the TP of 107.80.
