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FxWirePro: Sell CADJPY on rallies
Ichimoku Analysis (4-hour chart)
CADJPY recovered slightly after hitting a low of 78.95 on Jul 2nd, 2020. The intraday trend is weak as long as resistance 80 holds. The jump was mainly due to a slight bullishness in the Canadian dollar. USDCAD has halted its uptrend and lost more than 150 pips from high 1.37155 despite weak Canada GDP data. It came at -11.6% IN Apr, worst record decline due to the coronavirus pandemic.
WTI crude oil is trading higher and holding well above $40. Any violation above $41.65 confirms bullish continuation.
On the higher side, immediate resistance is around 79.65 and any violation above will take the pair to the next level till 80.05/80.55/81.15/82.
The near-term support is around 78.93, an indicative break below targets 78.30/78. Significant selling can be seen only below 78.
It is good to sell on rallies around 79.65-70 with SL around 80.05 for the TP of 78.05.