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FxWirePro: CADJPY Daily Outlook

Ichimoku Analysis (1-hour chart)

 

Tenken-Sen- 91.89

 

Kijun-Sen- 91.86

 

Previous Week high- 93.02

 

CADJPY regained after the Bank of Canada monetary policy. The central bank has kept its rates unchanged and ended its quantitative easing. It has moved up its timeline to the "middle quarters of 2022" for a rate hike. The Canadian dollar gained sharply against the US dollar after the hawkish stance by BOC. The intraday trend of CADJPY is bearish as long as resistance 92.50 holds.

 

USDJPY-

The pair showed a minor sell-off after the BOJ status quo. Any breach below 113 will take the pair to next level 112.38.

CADJPY-

On the higher side, the pair is facing resistance at 92.20. Any indicative surge past targets 92.50/93.05.

 

The significant support is at 91.25, any decline below that level will drag the pair down to 90.90/90.50/90. Major bearishness if it breaks below 87. A dip to 84.89 is possible.

 

It is good to sell on rallies around 91.95-92 with SL around 93.05 for the TP 89.

 

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