Ichimoku Analysis (4-hour chart)
Tenken-Sen- 106.24
Kijun-Sen- 106.35
Previous Week High- 107.64
CADJPY gained more than 150 pips after hitting a low of 105.06 on the strong Canadian dollar. Markets eye the US fed monetary policy for further direction. The Canadian dollar was one the best performer in the past month as BOC surprised markets with a 100 bpbs rate hike. The intraday trend of CADJPY is bullish as long as support 105.80 holds.
USDJPY-
The pair recovered from the low of 135.56 on board-based US dollar buying. Any violation above 137.50 confirms intraday bullishness.
CADJPY-
On the higher side, the pair is facing resistance at 106.70. Any indicative surge past targets 107.20/107.80.
The significant support is at 105.80, any decline below that level will drag the pair down to 105/104.60. Major bearishness if it breaks below 103. A dip to 100.80/100 is possible.
It is good to buy on dips around 106 with SL around 105 for the TP 107.70.
