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Overbought & selling pressures in major trend signalled by leading oscillators, Bears fall back in range on failure swings at range resistance, RSI shows faded strength to plummet prices below EMAs
FxWirePro: Buy CADJPY on dips
Major resistance- 80.25 (300- H EMA)
CADJPY recovered sharply nearly 40 pips from the low of 79.877 on account of a slight recovery in the Canadian dollar on better than expected CPI data. The monthly CPI came at 0.5% much better than the forecast of 0.2%. The pair hits intraday high of 80.27 and is currently trading around 80.22.
USDJPY jumped slightly from an intraday low of 106.25 and is still in bearish mode. Any break above 107 confirms minor trend reversal.
On the flip side, near term support is around 79.85 and any hourly close will take the pair to next level till 79.30/79.10. Minor weakness can be seen only below 79.
The near term resistance is around 80.25-30 and convincing close above that level will take the pair till 81.03/81.20.
It is good to buy on dips around 79.95-80 with SL around 79.50 for the TP of 81.05/81.20.