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FxWirePro: CADJPY forms double top around 78.50, dip till 77 likely
Ichimoku Analysis (4-hour chart)
CADJPY halted its 2-week of the bullish trend and lost more than 50 pips on strong yen. The pair jumped more than 400 pips on a strong Canadian dollar due to rising oil prices. The Canadian dollar was one of the best performers in this month against USD and gained more than 400 pips.
On the higher side, immediate resistance is around 78.50 and any violation above will take the pair to the next level till 79.23 (61.8% fib)/80.
The near-term support is around 77.67 (Kijun-sen), an indicative break below targets 6.98 (200-4H MA)/76.60.
It is good to sell on rallies around 78.10-15 with SL around 78.50 for the TP of 76.98.