CADJPY has halted its 10 days of losing streak and shown a minor recovery of more than 60 pips from low of 82.55. The decline in CADJPY was mainly due to weakness in Canadian dollar on weak economic data and dovish BOC monetary policy. The pair hits intraday high of 83.206 and is currently trading around 83.14.
On the lower side, near term major resistance is around 83.20 and any hourly close above that level will take the pair to next level till 83.60/84/84.35. Any minor trend reversal only above 84.35.
The near term support is around 82.97 and any violation below will drag the pair to next level till 82.55/81.97.
It is good to buy above 83.20 with SL around 82.80 for the TP of 84.35.
