Major trend reversal level: 82.85 (trend line joining 85.23 and 84.35)
CADJPY is consolidating after 20 days of bullishness. The jump was mainly due to a strong Canadian dollar. It was one of the best performing assets in the past 1-1/2 month against USD and gained more than 5% on gaining crude oil prices. It hits an intraday high of 83.23 and is currently trading around 83.06.
On the higher side, the pair is facing near term trend line resistance around 83.41 (200- day MA) and any break above targets 83.63 (300- day EMA)/84.35 is possible.
The near term major support is around 82.64 (55- 4H EMA) and any violation below will take the pair to next level till 82.35/82.
It is good to buy on dips around 82.60-65 with SL around 82 for the TP of 83.65/84.35.
