Ichimoku Analysis ( hourly chart)
Tenken-Sen- 80.57
Kijun-Sen- 80.46
CADJPY recovered more than 50 pips after a minor dip til 80.15 made yesterday. The yen is trading sightly weak against all majors and markets eye US-China trade talks which is to happen on Thursday and Friday. It has formed a temporary top around 81.82 and hits a low of 79.81. WTI crude oil price halted it's 2- week of weakness and shown a more than 2.5%.and is trading around $53.05.
On the flip side, near term support is around 79.50 and any major weakness only below that level. Any convincing violation below targets 79/78.75/78.50. The near term support is around 80.15.
The near term resistance is around 81 and any break above will take the pair to next level 81.82. Major trend reversal only above 82.10.
It is good to buy on dips around 80.25-30 with SL around 79.80 for the TP of 81.80.
