Ichimoku Analysis (Hourly chart)
Tenken-Sen- 81.10
Kijun-Sen- 81.105
CADJPY is trading lower for the past one week after forming a top around 82.11. The slight weakness in the Canadian dollar after a major uptrend is putting pressure on this pair. The retail sales rose by 0.4% in Oct slightly better than the forecast of 0.2% but below previous month 1.9%. Short term trend of CADJPY is bearish as long as resistance 82.11 holds.
On the lower side, near term support is around 80.88 and any violation below will take the pair till 80/79.69/79.25/78.82.
The significant resistance is at 81.38, any indicative break above that level targets 81.75/82/82.68/83. Significant trend reversal only above 82.
It is good to sell on rallies around 81.15-20 with SL around 81.60 for the TP of 79.69.
