FxWirePro: Sell CADJPY on rallies

Ichimoku Analysis (hourly chart)

Tenken-Sen- 81.98

Kijun-Sen- 81.87

CADJPY has halted its 2-weeks of bearishness and shown a minor recovery. The pair lost more than 150 pips on a weak Canadian dollar. USDCAD has formed a minor top near 200-day MA, declined slightly. The Intraday trend is still soft as long as resistance 82.50 holds.

WTI crude oil price declined more than $1 on weak data. US commercial crude inventories rose by 2.2 million barrels compared to a forecast of 1.5 million bbls. It hits low $56.61 and is currently trading around $56.69.

Technically, major support is around 81.60 (23.6% fib), any violation under will drag the pair to the next level 81/79.80.

The near-term resistance is around 83.55 high made on Oct 28th, 2019, breaks over targets 84.03/84.35. Major trend reversal can be seen only if pair closes above 84.35, a jump till 85/85.20 likely. The minor resistance 82.50/83.10.

It is good to sell on rallies around 82.25-30 with SL around 82.70 for the TP of 81.