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Major resistance- 79.60 (trend line joining 85.51 and 83.81)
- Major support - 78 (21 day MA)
- CAD/JPY has slightly recovered from the low of 78.60. It is currently trading around 79.06.
- The pair should break above 79.60 for further jump till 80/80.58 (90- day EMA) in the short term.
- In the daily chart CAD/JPY is trading slightly above Tenken-Sen (78.27) and Kijun-Sen (78.52). So a jump till 80 is likely.
- On the lower side , major support stands at 76 and break below targets 76.80/76.
It is good to buy on dips around 78.60 with SL around 78 for the TP of 80/80.58.
