Ichimoku Analysis (Weekly chart)
Tenken-Sen- 82.42
Kijun-Sen- 81.02
CADJPY is consolidating after 10 days of the bullish trend. The pair has surged more than 150 pips to 83.45 from a low of 81.74 and is currently trading around 83.13.
The jump was due to the strong Canadian dollar on account of surging oil prices. USDCAD was one of the worst performers and lost more than 200 pips in this month, any violation below 1.310 targets 1.3040/1.3020.
Technically the pair is facing strong resistance at 83.55, significant trend continuation till 83.95/84.79 can be seen only if the pair closes beyond that level.
On the flip side, near-term support stands at 82.75 and any violation underneath will drag the pair down to 82.25/81.75.
It is good to sell on rallies around 83.15-20 with S L around 83.60 for the TP of 81.75.
