Ichimoku Analysis (4-hour chart)
Tenken-Sen- 81.45
Kijun-Sen- 81.54
CADJPY is trading extremely weak on the weak Canadian dollar. The decline in equity markets due to risk aversion is dragging the Canadian dollar further down. USDCAD hits one month high and holding well above significant resistance 1.2835. A jump till 1.29565 is possible. The intraday trend of CADJPY is bearish as long as resistance 82.20 holds.
On the lower side, the pair is trading well below 200 and 100 -4H MA. It confirms minor weakness, a dip till 80/79.25likely.
The significant resistance is at 81.70, any indicative break above that level targets 82/82.20/82.68. Significant trend reversal only above 83.15.
It is good to sell on rallies around 81.35-40 with SL around 82 for the TP of 80/79.25.
