Ichimoku Analysis (Daily chart)
Tenken-Sen- 78.74
Kijun-Sen- 78.88
CADJPY continues to trade higher for 2nd consecutive days on a strong Canadian dollar. The pair jumped more than 100 pips from the minor bottom of 78.95. The Canadian dollar was one the best performer against USD in the past 5-weeks on strong crude oil prices. The hopes of stimulus by the US government are boosting oil prices.
WTI Crude oil is trading slightly higher after hitting a low of $39.60. Any violation below $40.50 confirms further bearishness. It is currently trading around $41.54.
On the lower side, the pair is facing major at 79.60 (200- day EMA) and any violation below will take the pair to the next level till 78.86/78.
The pair is trading above trend line resistance 80.15, a jump till 81/81.90 likely. Significant buying can be seen only above 82.
It is good to buy on dips around 80 with SL around 79.50 for the TP of 81.90.
