FxWirePro: CADJPY hits 8-month high on weak yen, jump till 85 likely

Ichimoku Analysis (4-Hour)'

Tenken-Sen- 83.96

Kijun-Sen- 83.484

CADJPY recovered sharply from a low of 82.80 on weak Yen. The Canadian dollar is trading higher against USD after better than expected jobs data. It came at 35.2k vs forecast of 24.9k and the unemployment rate declined to 5.6% from 5.8%. USDJPY has broken major resistance 109.75 after a long consolidation. It hits an intraday high of 109.92 and is currently trading around 109.87.

Technically, CADJPY is trading well above 84 levels and immediate resistance to be watched is 84.35. Any violation above targets 85.

On the flip side, near term support is at 83.50 and the break beneath will drag further down to 82.95/82.80.

It is good to buy on dips around 84 with SL around 83.50 for the TP of 85.