Ichimoku Analysis (Daily chart)
Tenken-Sen- 80.19
Kijun-Sen- 79.67
CADJPY continues to trade lower for the past three days on strong yen. The surge in coronavirus in the US and lockdown in various countries has increased demand for Safe-haven assets. USDJPY breaks significant support 104, a dip till 103 likely. The overall trend of CADJPY is weak as long as resistance 80.
On the lower side, near term support is around 79.35 and any violation below will take the pair till 78.90/78.37/77.84.
The significant resistance is at 80, any indicative break above that level targets 80.35/80.74/81. Major trend reversal only above 82.
It is good to sell on rallies around 79.55-60 with SL around 80.10 for the TP of 77.85.
