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Short

CAD/JPY faces strong resistance at 82, good to sell on rallies

FX:CADJPY   Canadian Dollar/Japanese Yen
101 0 8
Major resistance- 81.90 (7 day EMA)

The pair has recovered sharply till 81.24 yesterday after making a low of 79.31. It is currently trading around 80.55.

Any break above 82 will confirm the downtrend from 85.50 completed at 79.31. On the higher side, any break above 82 will take the pair to next level till 83.36 (21 day EMA)/84.14/85.

The major support is around 80 and any violation below will drag the pair down till 79.30/78.14.

CAD/JPY             should break above 85.50 for further bullishness.

It is good to sell on rallies around 81 with SL around 82 for the TP of 80/79.30/78.20
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