Ichimoku Analysis (Hourly chart)
Tenken-Sen- 109.32
Kijun-Sen- 109.38
USDJPY has once again declined after forming almost a double top near 109.70 on rising Japan 10-year yield. The Japanese yield is trading higher for the past 3-month and jumped into positive territory, first since Mar 2019. The pair is in neutral mode and any bullish continuation only above 109.75. It is currently trading around 109.476.
Markets eye US PCE, consumer spending and GDP data to be released today for further direction. Technically, near term support is around 109 (200- H MA) and any violation below will drag the pair down till 108.30/107.80 Any break beneath 107.80 targets 106.50.
On the higher side, major resistance is at 109.77 (200-W MA), the breach above will take the pair to the next level 110/110.60.
It is good to sell on rallies around 109.50-55 with SL around 109.75 for the TP of 108.30.
