Ichimoku Analysis (4-hour chart)
Tenken-Sen- 80.28
Kijun-Sen- 80.24
CADJPY is trading higher and holding well above 80 levels on a strong Canadian dollar. The upbeat market sentiment and jump in crude oil prices are supporting the Canadian dollar. The COVID-19 vaccine optimism has increased the hopes of demand for crude oil. USDJPY has shown a minor recovery, significant trend reversal only above 104.75. The overall trend of CADJPY is bullish as long as support 80 holds.
On the lower side, near term support is around 80 and any violation below will take the pair till 79.69/79.25/78.82.
The significant resistance is at 80.65, any indicative break above that level targets 81/81.50. Major trend reversal only above 82.
It is good to buy on dips around 80.15-20 with SL around 79.69 for the TP of 81.49.
