FxWirePro: CADJPY Daily Outlook

Ichimoku Analysis (4-hour chart)

Tenken-Sen- 89.36

Kijun-Sen- 88.81

Previous Week high- 91.70

CADJPY is trading higher ahead of the Bank of Canada monetary policy. Any hawkish tone by the Bank of Canada will push the pair above 91 levels. The Canadian dollar hits two weeks high against the US dollar on upbeat market sentiment.  Markets eagerly await BOC monetary policy for further direction. The intraday trend of CADJPY is bullish as long as support 91 holds.

USDJPY-

The pair recovered from the low of 112.51 on easing Omicron virus concerns. Any violation above 114 confirms intraday bullishness.

CADJPY-

On the higher side, the pair is facing resistance at 90. Any indicative surge past targets 91/91.60/92/92.50/93.05.

The significant support is at 89.20, any decline below that level will drag the pair down to 88.80/88. Major bearishness if it breaks below 87. A dip to 84.89 is possible.

It is good to buy on dips around 89.50-55 with SL around 88.80 for the TP 93.