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FxWirePro: CADJPY Daily Outlook
Ichimoku analysis (1- hour chart)
CADJPY recovered sharply more than 100 pips from a low of 81.50 on a strong Canadian dollar. The jump was due to the BOC policy meeting. The central bank has kept its rates unchanged at 1.75% as expected and comments are hawkish compared to previous Oct policy. It hits a high of 82.69 and is currently trading around 82.60.
On the higher side, near term resistance is around 82.72 (61.8% fib), any violation above targets 83/83.50.
The major support is around 82.15 (200-H MA), violation over will take the pair to the next level till 81.80/81.28.
It is good to buy on dips around 82.35.40 with SL around 82 for the TP of 83.50.
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