CADJPY broke minor trend line support after a long consolidation. The strength in the Japanese yen against the US dollar after a dovish FOMC meeting minutes. The minor weakness in WTI Crude oil prices also putting pressure at higher levels. Technically in the daily chart, the pair is holding below short-term (21- and 55 EMA) and above 200 EMA (102.68). Any break above 104.20 will take the pair to 105/106. CADJPY hits an intraday low of 103.486 and is currently trading around 103.50.
The near-term support is around 103.40, and any breach below targets 102.90/102.
Indicators (Daily chart)
CCI (50)- Bearish
ADX- Bearish
It is good to sell on rallies around 103.75-80 with SL around 104.50 for a TP of 102.50.
