FxWirePro:CADJPY Daily Outlook

Ichimoku Analysis (4-hour chart)

Tenken-Sen- 90.15

Kijun-Sen-  90.16

CADJPY has once again declined after a minor jump above 90. The minor jump in yen is putting pressure on this pair. USDJPY is moving sideways despite a decline in US bond yields. The pair was one of the best performers in the past four weeks and surged nearly 5% on the broad-based Canadian dollar. The Canadian dollar is trading higher as the commodity market remains strong. USDCAD hits a multi-year low on broad-based US dollar selling.  The intraday trend of CADJPY is bearish as long as resistance 90.75 holds.

On the higher side, the pair is facing resistance at 90.75.  Any indicative surge past targets 91.50/92.

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

It is good to sell on rallies around 90.15-20 with SL around 90.75 for the TP of 88.