Ichimoku Analysis (Hourly chart)
Tenken-Sen- 76.34
Kijun-Sen- 76.05
CADJPY declined sharply after more than 100 pips jump to 76.52. The pair has made a high of 77.06 on May 11th2020 and started to fall from that level. The strong yen due to an increase in demand for Safe-haven assets is putting pressure on this pair at higher levels. Canadian manufacturing sales fell unexpectedly to -9.5% in Mar compared to a forecast of -5.7%. It hits an intraday low of 76.219 and is currently trading around 76.227.
The near term resistance is at 76.56, any violation above targets 77.06/77.25. On the flip side, immediate support is around 76.14 (21- 8HMA) and any indicative break below will drag the pair down till 75.74/75.50/74.78. Major trend continuation only below 74.78.
It is good to buy on sell on rallies around 76.45.-50 with SL around 77 for the TP of 74.80.
