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FxWirePro: Sell CADJ/PY on rallies

Ichimoku analysis (Daily Chart)

 

Tenken-Sen- 84.29

 

Kijun-Sen- 84.85

 

CADJPY is trading weak for past 2 weeks and lost more than 550 pips from high of 89.17 made on Oct 1st 2018. The pair was trading weak on account of weakness in Canadian dollar due to weak crude oil price. The pair hits low 83.35 and is currently trading around 83.56.

 

On the lower side, pair has closed below major trend line support at 83.70 and this confirms major weakness ,, a dip till 82.17/80.55 is possible.

 

The near term resistance is around 84.50 (10- day MA) and any break above targets 85.23/86.

 

It is good to sell on rallies around 84 with SL around 84.60 for the TP of 82.20.

 

By Rangarajan Hariharan
  • Market Data
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