Ichimoku Analysis ( hourly chart)
Tenken-Sen- 80.11
Kijun-Sen- 80.16
CADJPY lost more than 100 pips in the past three trading days after forming a temporary top around 81.82. The decline was due to strength in yen on ongoing trade war tension. The Canadian dollar was one of the worst performers this week on the weak oil prices. WTI crude oil price trading lower for 2 nd consecutive week and is trading around $52.55.
On the flip side, near term support is around 79.50 and any major weakness only below that level. Any convincing violation below targets 79/78.75/78.50.
The near term resistance is around 80.25 (23.6% fib) and any break above will take the pair to next level 80.69/81.10. Major trend reversal only above 82.10.
It is good to buy on dips around 79.80-85 with SL around 79.50 for the TP of 81.
