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Ichimoku Analysis (1-hour chart)
Tenken-Sen- 109.73
Kijun-Sen- 109.81
As per our analysis, USDJPY continues to trade lower for 2nd consecutive days on the spread of the coronavirus. China's coronavirus has killed 9 people in China and more than 400 people got infected. The outbreak could hurt the Chinese economy, especially travel and commerce. The pair hits an intraday low of 109.537 and is currently trading around 109.541.
Technically, near term support stands at 109.25 and any violation below will drag the pair down till 109.06/108.30. On the higher side, immediate resistance is at 110.40 (trend line resistance ), any violation above targets 110.70 (61.8% fib)/111/111.70. The minor resistance is at 110.
It is good to sell on rallies around 110.10-20 with SL around 110.40 for the TP of 109.05.
