Ichimoku Analysis (4-Hour)'
Tenken-Sen- 83.87
Kijun-Sen- 83.74
CADJPY continues to trade higher and hits 1-week high on weak yen. Markets are eagerly awaiting Canadian employment data for further direction. The economy is expected to have added 24.9k jobs in Dec vs previous month -71.3K. The yen was trading weak especially against USD on easing tensions between the US and Iran. USDJPY hits intraday high of 109.65, any breach above 109.75 confirms major bullishness.
Technically, CADJPY is facing stiff resistance around 83.92. Any convincing break past that level will take to the next level till 84.35/85.
On the flip side, near term support is at 83.50 (55-4H EMA) and the break beneath will drag further down to 83 (200-4H EMA)/82.80 (200- 4H MA).
It is good to buy on dips around 83.65-70 with SL around 83.29 for the TP of 84.35/85.
