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FxWirePro: CADJPY upside capped by 200-day MA, good to sell on rallies
As per our analysis, CADJPY has formed a minor top around 82 and shown a sell-off on the weak Canadian dollar. USDCAD was trading higher and jumped more than 100 pips despite crude price spike. The Brent crude price jumped more than 20% for the day the first time for 28 years on the Saudi Aramco attack. USDJPY hits high of 108.35 and declined more than 50 pips on geopolitical tension. It hits low of 81.21 and is currently trading around
Markets eye Canadian CPI report which is to be released on Wednesday for further sharp movement.
On the flip side, 81.20 will be acting as near term support and any violation below will drag the pair till 80.97/80.25.
The near term resistance is around 81.65 and any jump above targets 82.10-82.20. Any daily close 82.20 (200 -day MA) will take the pair till 82.90/83.50.
It is good to sell on rallies around 81.35-40 with SL around 82.25 for the TP of 80.97/80.25.
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