Potential Reversal Zone (PRZ)- 84.10
CADJPY trades higher and jumped nearly 90 pips in past two trading days. It hits low of 83.06 and is currently trading around 84. Canadian dollar continues to trade higher against all majors on account of rising crude oil prices. Oil price hits new 5- month high around $64.77 and shown a $1.5 decline on increasing US crude oil inventory reported by EIA.
The major resistance is around 84.10 high made on Mar 19th and break above that level targets 84.40/84.60/85.Any bullish continuation only above 85.25.
On the lower side, near term support is around 83.10 and any violation below will drag the pair to next level till 82.81/82.20/81.98.
It is good to buy above 84.10 with SL around 83.58 for the TP of 85.25.
