Ichimoku Analysis (hourly chart)
Tenken-Sen- 81.29
Kijun-Sen- 81.04
CADJPY is trading higher for 2nd consecutive days on a weak yen. The spread of new stain coronavirus in the UK is putting pressure on the Canadian dollar. USDCAD surged more than 90 pips from a low of 1.2613 on broad-based US dollar buying. Short term trend of CADJPY is bullish as long as support 80.55 holds.
On the lower side, near term support is around 81 and any violation below will take the pair till 80.55/79.69/79.25/78.82.
The significant resistance is at 81.60, any indicative break above that level targets 82/82.68/83. Significant trend reversal only above 82.
It is good to buy on dips around 81.20 with SL around 80.60 for the TP of 83.
