CAD/JPY Trade idea

• Major resistance -78.50 (daily Kijun-Sen).
   
• The pair has recovered sharply after making a low of 78.74. It is currently trading around 79.12.
   
• Short term trend is slightly bullish as long as support 78.50 holds.
   
• On the lower side, major support is around 78.50 and any violation below targets 78.09 (61.8% retracement of 76.78 and 80.31)/76.15.
   
• The resistance is around 79.45 (55- day EMA) and any break above will take the pair to next level till 80/80.30.
   
• Short term trend reversal only above 82.60.

It is good to buy on dips around 79 with SL around 78.50 for the TP of 80/80.30

Resistance
 

R1- 79.45
 

R2-80

R3-80.30
 

Support
 

S1-78.50
 

S2-78.09
 

S3-77.25