Ichimoku Analysis (4-hour chart)
Tenken-Sen- 81.41
Kijun-Sen- 80.67
CADJPY is trading lower for the third consecutive week and lost more than 150 pips on weakness in the Canadian dollar. USDCAD halted its 2-1/2 months of the bearish trend and surged more than 200 pips. The fresh lockdown in London due rise in coronavirus has increase demand for safe-haven assets like yen. Short term trend of CADJPY is bearish as long as resistance 82.11 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 80.60, any indicative break above that level targets 81/81.75/82/82.68/83. Significant trend reversal only above 82.
It is good to sell on rallies around 80.55-60 with SL around 81 for the TP of 79.69.
