FxWirePro: CAD/JPY faces strong support at 78.50, good to buy on dips

• 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