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Ichimoku Analysis (Weekly chart)
Tenken-Sen- 81.38
Kijun-Sen- 80.272
CADJPY has halted its seven-week of bullish trend and shown a minor decline on the strong yen. The Canadian dollar was one of the best performers in the past eleven months and surged more than 14% against the US dollar. The broad-based US dollar selling and jump in crude oil prices is supporting the Canadian dollar. Brent crude oil prices are trading above $60 after the Coronavirus pandemic. The decline in coronavirus cases and vaccination has increased hopes of oil demand. The short term trend of CADJPY is bullish as long as support 81.80 holds.
On the higher side, the pair is facing resistance at 83.15 (200-W MA). Any indicative surge past targets 84/84.95.
The significant support is at 81.80, any decline below that level will drag the pair down till 81.40/81/80.55/80. Significant trend continuation only below 80. A dip till 79.60/79.23.
It is good to buy on dips around 82.25-30 with SL around 81.80 for the TP of 84/84.68.
