Ichimoku Analysis (1-hour chart)
Tenken-Sen- 83.19
Kijun-Sen- 83.13
CADJPY is trading higher for the past 3- weeks and jumped more than 300 pips on the strong Canadian dollar. The Canadian dollar was one of the best-performing assets this month and jumped more than 250 pips against USD. The easing trade tensions have decreased demand for Safe-haven assets like yen. The pair hits high of 83.26 and is currently trading around 83.24.
On the flip side, near -term support is around 82.80 (200-H MA) and any violation below will drag the pair till down till 82.13/81.75.
The major resistance is at 83.30 and any convincing break above will take the pair to the next level till 84/84.40.
It is good to buy on dips around 82.80 with SL around 82.13 for the TP of 84.37.
