Ichimoku Analysis (4-hour chart)
Tenken-Sen- 108.79
Kijun-Sen- 109.20
USDJPY continues to trade lower after a minor jump till 108.57 and lost more than 70 pips on the spread of coronavirus. India has reported its first infected case of the virus in Delhi. The demand for Safe-haven assets like gold, the yen increased sharply as the virus might affect the global economy. The pair hits an intraday low of 107.75 and is currently trading around 107.79.
On the flip side, immediate support is around 107.70 and any violation beneath will drag the pair down till 107.40/107.
The near term important resistance is around 108.60, an indicative break up targets 109/109.55/109.80. Significant bullish continuation only beyond 112.25.
It is good to sell on rallies around 108.25-30 with SL around 108.60 for the TP of 107.
