Ichimoku Analysis (Weekly chart)
Tenken-Sen- 80.72
Kijun-Sen- 79.91
CADJPY has once again declined after showing a minor jump above 82 levels. The pair has formed almost a double top around 82.12-20 level. The slight weakness in the Canadian dollar due surge in coronavirus and an increase in safe-haven demand. The Bank of Canada has said that that Canadian dollar appreciation is affecting the economy. These remarks also putting pressure on this pair at higher levels. The intraday trend of CADJPY is bearish as long as resistance 82.20 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 82.20, any indicative break above that level targets 82.68/83. Significant trend reversal only above 83.15.
It is good to sell on rallies around 81.85-90 with SL around 82.25 for the TP of 81.
