Ichimoku Analysis (4-hour chart)
Tenken-Sen- 80.38
Kijun-Sen- 80.74
CADJPY is trading weak after a minor jump to 80.61 levels. The spread of new stain coronavirus in the UK is putting pressure on the Canadian dollar. USDCAD surged more than 100 pips from a low of 1.28167 on broad-based US dollar buying. Short term trend of CADJPY is bearish as long as resistance 81.10 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.
