FxWirePro: CADJPY Daily Outlook

Ichimoku Analysis (4-hour chart)

Tenken-Sen- 90.42

Kijun-Sen-  90.49

CADJPY has formed a double bottom around 90.32 and shown a minor pullback.  The strength of the Canadian dollar is supporting the price at lower levels.  The Canadian dollar was one of the best performers this year and gained more than 5.5% against the US dollar.  The upbeat market sentiment and surge in crude oil prices was the main reason for Canadian dollar bullishness. The minor jump in yen is putting pressure on this pair at higher levels. USDJPY is declining after a sudden jump above 110.  Any breach below 109.17 (200-4H MA) confirms further bearishness. The intraday trend of CADJPY is bullish as long as support 90.30 holds.

On the higher side, the pair is facing resistance at 90.63.  Any indicative surge past targets 91/91.50/92.

The significant support is at 90.30, any decline below that level will drag the pair down till 90/89.74/89.48/89/88.69. Significant trend continuation only below 85. A dip till 83/80 is possible.

It is good to buy around 90.50 with SL around 90 for the TP of 91.50.