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  |   Technicals


FxWirePro:CADJPY Daily Outlook

Ichimoku Analysis (1-hour chart)


Tenken-Sen- 91.85


Kijun-Sen- 92.01


Previous Week high- 93.02


CADJPY has once again declined after a minor pullback till 92.51. The pair should break above 93.02 for further bullishness. The minor weakness in the Canadian dollar against the US dollar is putting pressure on this pair at higher levels.  Markets eye BOC monetary policy for further direction. The bullish trend in oil price is supporting the Canadian dollar. The intraday trend of CADJPY is bearish as long as resistance 92.50 holds.


. USDJPY is holding below 114 on risk aversion and declining US treasury yield. The intraday resistance to watch 114.69. Significant support is around 113.



On the higher side, the pair is facing resistance at 92.20. Any indicative surge past targets 92.50/93.05.


The significant support is at 91.50, any decline below that level will drag the pair down to 90.90/90.50. Bearish Trend continuation only below 87. A dip to 84.89 is possible.


It is good to buy on dips around 88.70-75 with SL around 87.99 for the TP 91.

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