CADJPY has lost more than 150 pips in past three trading session after forming a temporary top around 85.23. The decline in price was mainly due to heavy selling in Canadian dollar due to weak economic data and declining crude oil prices. The pair hits low of 83.56 and is currently trading around 83.63.
On the lower side, near term support is around 83.47 (300- 4H EMA) and any violation below will take the pair to next level till 83.30/82.84.
The net immediate is around 84.10 (20- 4H MA) and above that targets 84.62 (61.8% fib)/85.20.
It is good to sell on rallies around 84.10-20 with SL around 84.60 for the TP of 82.85.
