Ichimoku Analysis (Daily chart)
Tenken-Sen- 80.73
Kijun-Sen- 79.59
CADJPY once again recovered after taken support near 200-day MA. The broad-based buying in Canadian due to strong Crude oil price. USDJPY formed a minor bottom near 105 and jumped nearly 80 pips. The minor resistance is around 106.20 and a break above will take the pair to 107 possible.
WTI Crude oil is trading flat for the past two weeks. Any violation above $43.75 confirms further bullishness. It is currently trading around $42.97.
On the lower side, the pair is facing support at 79.78 and any violation below will take to the next level till 79/78.
The near-term resistance is around 81, violation above targets 81.90 likely. Significant buying can be seen only above 82.
It is good to buy on dips around 80.35-40 with SL around 79.78 for the TP of 81.90.
