Ichimoku Analysis (4-hour chart)
Tenken-Sen- 80.28
Kijun-Sen- 80.24
CADJPY is trading higher and jumped nearly 100 pips from yesterday's low of 80.12 on the strong Canadian dollar. The slightly better than expected economic data and surging crude oil prices are supporting CAD. It has grown at an annualized pace of 40% in the third quarter, while Sep Real GDP came at 0.8% vs forecast of 0.9%. USDJPY has shown a minor recovery, significant trend reversal only above 104.75. The overall trend of CADJPY is bullish as long as support 80 holds.
On the lower side, near term support is around 80 and any violation below will take the pair till 79.69/79.25/78.82.
The significant resistance is at 81, any indicative break above that level targets 81.50/82. Significant trend reversal only above 82.
It is good to buy on dips around 80.65-70 with SL around 80 for the TP of 81.98.
