Ichimoku Analysis (4-hour chart)
Tenken-Sen- 81.59
Kijun-Sen- 81.33
CADJPY has formed almost a double top around 82.20 and lost nearly 40 pips. The slight weakness in yen on surge in demand for riskier assets supporting the pair at lower levels. USDJPY breaks significant resistance at 105, any violation above 105.67 confirms bullish continuation. USDCAD continues to trade higher for a second consecutive week on broad-based US dollar buying. The short term trend of CADJPY is bullish as long as support 81 holds.
On the higher side, the pair is trading well slightly above 200 and 100 -4H MA. Any indicative surge past 82.20 targets 83/83.18.
The significant support is at 81, a decline below that level will drag the pair down to 80.55/80. Major trend continuation only below 80. A dip till 79.60/79.23.
It is good to sell on rallies around 81.35-40 with SL around 82 for the TP of 80/79.25.
