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FxWirePro: CADJPY Daily Outlook
Ichimoku analysis (hourly chart)
Tenken-Sen- 80.91
Kijun-Sen - 81.03
CADJPY has declined after showing a minor jump to 81.34 and lost nearly 50 pips. The pair formed a temporary top around 82.09 and started to decline from that level. It is currently trading around 80.93.
The decline was mainly due to strong in yen after the House of Representatives launched a formal impeachment inquiry into Donald Trump.USDJPY hits a low of 106.96 and currently trading around 107.33.
On the flip side, near term support is around 80.50 and any violation below targets 80-80.20/79.20. Minor bearish continuation only below 79.20.
The near term resistance is around 81.40 and any break above that level will take the pair till 81.55/82.12. Major trend reversal only above 82.15.
It is good to sell on rallies around 81.25-30 with SL around 82.10 for the TP of 79.25.
