Major trend reversal level: 83 (trend line joining 85.23 and 84.35)
As per our analysis, CADJPY is trading higher and shown a gap up opening today. The jump came after US-China has decided to restart trade talks and the US not going to impose tariffs of $300bn on Chinese imports. The Japanese yen which is considered as a Safe- haven has lost its demand. The strong oil price due to the easing of trade tension. Markets eye OPEC meeting which is to be held from Jul 2nd to 4th Jul for further direction. It hits an intraday high of 82.90 and is currently trading around 82.73.
On the higher side, the pair is facing near term trend line resistance around 83 and any break above targets 83.68 (200- day MA)/84.35 is possible.
The near term major support is around 81.87 (55- day EMA) and any violation below will take the pair to next level till 81.35 (20- day MA)/80.57/79.97 (Jun 3rd low).
It is good to buy on dips around 82.25-30 with SL around 81.75 for the TP of 83.65/84.35.
