Major trend line resistance - 84.71
CADJPY has halted it's 1-1/2 month high and shows a more than 50 pips dip. The pair was one of the best performers in the past 5 months and jumped more than 600 pips from a low of 78.50. The jump was mainly was due to the strong Canadian dollar on surging crude oil prices. WTI crude jumped more than 25% after forming a minor bottom around $51.03.
Technically, near-term support is around 83.70 (21- day MA) and any indicative break below will drag the pair down till 83.30/83.
On the higher side, major resistance stands around 84.71 and break below targets 85.35/86.
It is good to sell on rallies around 84.25-30 with SL around 84.70 for the TP of 83.
