Ichimoku analysis (hourly chart)
Tenken-Sen- 80.88
Kijun-Sen - 81.03
CADJPY is trading lower for the past 1 week and lost more than 100 pips after hitting a minor top around 82.09. It hits low of 80.67 and is currently trading around 81.
The decline was mainly due to strong in yen on an escalation of tension in the Middle East which increases demand for Safe-haven assets. USDJPY forms minor top around 108.47 and dipped till 107.31.
On the flip side, near term support is around 80.50 and any violation below targets 80-80.20/79.20. Minor bearish continuation only below 79.20.
The near term resistance is around 81.20 and any break above that level will take the pair till 81.55/82.20. Major trend reversal only above 82.25.
It is good to sell on rallies around 81.25-30 with SL around 82.10 for the TP of 79.25.
