Major resistance- 108.50
USDJPY is trading higher for the past 3 consecutive days and hovering near 108 level. The slight optimism in US-China trade talks and rising US bond yield is supporting the prices. The bond yield and yen has a negative correlation with each other. It hits high of 108.13 and is currently trading around 108.04.
On the flip side, near term support is around 107.40 and any violation below will drag the pair till 106.80/106.40.
The major trend continuation can be seen only above 108.50 and any break above targets 109.30/110.
It is good to buy on dips around 107.90-108 with SL around 107.60 for the TP of 108.60.
