FxWirePro: CAD/JPY upside capped by daily Tenkan-Sen, good to sell on rallies

• Major resistance- 80 (Jun 30th high)
   
• CAD/JPY has made a high of 79.95 yesterday and started to decline from that level. It is currently trading around 79.69.
   
• The pair has also broken major support 79.15 (4H Kijun-Sen) and declined till 78.72 at the time of writing.
   
• 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 78.47 and any break below targets  78.02/77.46 (Jun 27th low).
   
• 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