Chart pattern- triple top
Ichimoku Analysis (1-hour chart)
Tenken-Sen- 83.05
Kijun-Sen- 82.94
CADJPY has broken major resistance 83.10 after a long consolidation. The jump was mainly due to weakness in yen despite coronavirus. USDJPY is holding above 110 level and any violation above 110.15 confirms major trend continuation.
The pair is holding well above 83 levels, a jump till 83.60/84.20/84.50 is possible. On the flip side, near term support is at 82.65-82.75 (200- H MA) and any indicative break below targets 82.25/81.57.
It is good to buy on dips around 83.10-15 with SL around 82.75 for the TP of 84.50.
