Ichimoku Analysis (4-hour chart)
Tenken-Sen- 88.01
Kijun-Sen- 87.91
Previous week High- 88.06
Previous Week low-86.57
CADJPY is trading higher for the past five trading sessions and jumped more than 150 pips. The jump was mainly due to the weak Japanese yen as US treasury yields surged. The minor pullback in crude oil price also supporting the pair at lower levels. USDJPY hits a multi-month high, a jump to 111.3 is possible. The intraday trend of CADJPY is bullish as long as support 87.65 holds.
On the higher side, the pair is facing resistance at 88.65. Any indicative surge past targets 90.20/91/91.50/92.
The significant support is at 88, any decline below that level will drag the pair down to 87.49/87.26/87. BearishTrend continuation only below 87. A dip till 85/83 is possible.
It is good to buy on dips around 88 with SL around 87 for the TP 91.
