FxWirePro: CADJPY Daily Outlook

Ichimoku Analysis (Daily chart)

Tenken-Sen- 87.56

Kijun-Sen- 87.15

CADJPY is trading higher after a minor decline to 86.07. The pair hits the highest level since Oct 2018 on weak yen. The yen was one of the worst performers against all majors on surge in US bond yield. The US 10-year bond yield jumped more than 10% from a low of 1.59% made on Mar 24th, 2021.USDJPY is trading higher for the fifth consecutive session and holding well above 110 levels. The slight weakness in the Canadian dollar also supporting the pair. WTI crude oil recovered from a low of $57.28 slightly ahead of OPEC. The overall trend is bullish as long as support $62.50 holds.   The short-term trend of CADJPY is bullish as long as support 86 holds.

On the higher side, the pair is facing resistance at 88.10 (38.2% fib).  Any indicative surge past targets 89.26/90.

The significant support is at 87.50, any decline below that level will drag the pair down till 87.20/86.90. Significant trend continuation only below 86. A dip to 85.50/54.89 is possible.

It is good to buy on dips around 87.20 with SL around 86 for the TP of 90.