• FxWirePro: sell cadjpy on rallies

    Source: FxWire Pro - Technicals / 22 Nov 2019 05:54:51   America/New_York

    Ichimoku Analysis (8-hour chart)

     

    Tenken-Sen- 81.60

     

    Kijun-Sen- 81.90

     

    CADJPY is trading weak for the day after a minor jump till 81.91 form 81.25. The overall trend is bearish and lost more than 200 pips from the temporary top 83.55. The Canadian dollar recovered slightly against all majors yesterday after hawkish comments from BOC Governor Poloz. It has jumped more than 60 pips from yesterday's low of 81.28.

     

    WTI crude continues to trade higher for 3rd consecutive days on US inventory draw and trade deal optimism. It should break beyond $58.75 for further bullish continuation.

     

    On the flip side, the near term major support is at 81.25, any indicative break below will drag the pair down till 81/80.42/79.80.

     

    The major resistance is around 82.10 (200- 8 H MA), violation above that level will take the pair to the next level till 82.55/83/83.55. Major trend reversal only above 83.55. The minor resistance is around 82.20.

     

    It is good to sell on rallies around 81.70-75 with SL around 82.10 for the TP of 80.

     

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