CADJPY recovered more than 100 pips from a minor bottom on a weak yen. The weakness in WTI Crude oil prices puts pressure on the pair at higher levels. Technically in the 15 min chart, the pair is holding above short term (21- and 55 EMA) and
200 EMA (104.30). Any break above 104.50 will take the pair to 104.75/105.25/106/106.50. CADJPY hits an intraday high of 104.49 and is currently trading around 104.35.
The near-term support is around 104.20, any breach below targets 103.80/103.35/102.50.
Indicators (15-Min chart)
CCI (50)- Bullish
ADX- Neutral
It is good to buy on dips around 104.50-52 with SL around 104 for TP of 106.
