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CADJPY: Trend reversal analysis
Major trend reversal level: 81.85-82.08 (55- day EMA and Jun 11th high)
CADJPY is trading higher for the past two days and jumped nearly 100 pips on account of the strong Canadian dollar. The strong oil price due to the escalation of tension between the US and Iran is supporting the pair. The pair has jumped till 55- day EMA for two times (one on Jun 11th and other on Jun 20th). It hits an intraday high of 81.95 and is currently trading around 81.80.
On the higher side, the pair is hovering near 55- day EMA at 81.83 and any daily close above this level confirms further bullishness and a jump till 82.85/83.68 (200- day MA) is possible.
The near term major support is around 81-81.16 (yesterday's low and 20- day MA) and any violation below will take the pair to next level till 80.57/79.97 (Jun 3rd low).
It is good to buy on dips around 81.55-60 with SL around 81 for the TP of 82.85/83.65.