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FxWirePro: Sell CADJPY on rallies

Ichimoku Analysis (4- hour chart)

 

Tenken-Sen- 81.96

 

Kijun-Sen- 82.01

 

CADJPY is trading weak for the past 2-weeks and lost more than 200 pips on a weak Canadian dollar. The CAD was one the worst performer especially against USD on declining crude oil prices. It has jumped more than 100 pips from yesterday's low of1.31910.

 

WTI crude oil decreased lost more than $ 2 yesterday after a weaker than expected crude inventory. The API has reported an inventory build-up of 5.945 million bbls compared to an estimate of 1.543 million barrels. It hits low of $55.01 and is currently trading around $55.33.

 

On the flip side, the near term major support is at 81.25, any indicative break below will drag the pair down till 81/80.42/79.80.

 

The major resistance is around 82.55, violation above that level will take the pair to the next level till 83/83.55. Major trend reversal only above 83.55. The minor resistance is around 82.20.

 

It is good to sell on rallies around 81.95-82 with SL around 82.55 for the TP of 80.

By Rangarajan Hariharan
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