Ichimoku Analysis (4-Hour chart)
Tenken-Sen- 79.28
Kijun-Sen- 79.06
CADJPY continues to trade lower after a minor jump to 79.63. The intraday trend is weak as long as resistance 80 holds. The decline was mainly due to a slight weakness in the Canadian dollar. USDCAD jumped more than 350 pips after hitting 1-1/2 month low. WTI crude oil surged more than 10% in the past 2 days on hopes of a rise in demand due to easing of lockdown.
On the higher side, immediate resistance is around 80.03 (200-H MA) and any violation above will take the pair to the next level till 80.55/81.15/82.
The near-term support is around 78.83, an indicative break below targets 78.30/78. Significant selling can be seen only below 78.
It is good to sell on rallies around 79.55-60 with SL around 80.10 for the TP of 78.
