CAD/JPY faces strong resistance around 80, break above targets 80.85/81.70

• Major resistance- 79.82 (55 4H EMA)
   
• CAD/JPY has made a high of 79.82 at the time of writing and started to decline from that level. It is currently trading around 79.69.
   
• Short term trend is bearish as long as resistance 80 holds. The decline from 83.81 till 76.12 will come to an end only if the pair closes above 80 level.
   
• Any indicative break above 80 will take the pair to next level till 80.87 (61.8% retracement of /81.71 (21 day HMA)
   
• On the lower side, minor support is around 79.30 (21 4H MA) and any break below targets  78.34 (Jun 28th 2016 low)/77.46.
   
• Short term bullishness only above 80.

It is good to sell on rallies around 79.35-79.40 with SL around 80 for the TP of 78.35/77.50