Ichimoku Analysis (4-hour chart)
Tenken-Sen- 80.04
Kijun-Sen- 79.78
As per our analysis, CADJPY is trading higher and holding well above trend line resistance 80.15 on the strong Canadian dollar. The optimism of the COVID -19 vaccine by Russia has decreased demand for safe-haven assets like yen. USDJPY continues to trade higher and broken primary resistance 106.50. The Canadian dollar was one the best performer against USD in the past 5-weeks on surging crude oil prices.
WTI Crude oil jumped till $42.69 after better than expected US crude inventory report. Any violation above $43.50 confirms further bullishness. It is currently trading around $42.27.
On the lower side, the pair is facing resistance at 80.04 and any violation below will take to the next level till 79.60/79/78.
The near-term resistance is around 80.85, violation above targets 81/81.90 likely. Significant buying can be seen only above 82.
It is good to buy on dips around 80.35-40 with SL around 79.78 for the TP of 81.90.
