Ichimoku Analysis (1-hour chart)
Tenken-Sen- 103.94
Kijun-Sen- 104.20
USDJPY has started to trade weak after showing a minor recovery till 105.91. The safe-haven demand has increased after the US bans European travelers as the number of coronavirus cases jumped Italy. It hits a low of 103.08 and is currently trading around 103.67.
Technically, the pair's strong resistance at 105.38 (38.2% fib of 112.22 to 101.18) and any indicative break above targets 106/106.68/107.99.
On the flip side, near term support is around 103 and any violation below will drag the pair down till 103.22/101.18.
It is good to sell on rallies around 104.95-105 with SL around 106 for the TP of 101.20.
