FxWirePro: Buy CADJPY above 79

Ichimoku Analysis (Daily chart)

Tenken-Sen- 79.57

Kijun-Sen- 78.85

CADJPY recovered slightly after hitting a low of 78.37. The intraday trend is slightly bullish as long as support 78 holds. The decline was mainly due to a slight jump in the Canadian dollar. USDCAD has halted its uptrend and lost more than 70 pips from intraday high 1.3630.   WTI crude oil surged more than 15% in the past 1-week on hopes of a rise in demand due to easing of lockdown.

On the higher side, immediate resistance is around 79 and any violation above will take the pair to the next level till 79.65/80.05/80.55/81.15/82.

The near-term support is around 78, an indicative break below targets 78.30/78. Significant selling can be seen only below 78.

It is good to buy above 79 with SL around 78 for the TP of 81.55.