CAD/JPY: Sell on rallies

FX:CADJPY   Canadian Dollar / Japanese Yen
96 0 2
Major resistance- 79.95 (55 4H EMA )

CAD/JPY             has made a high of 79.95 yesterday and started to decline from that level. It is currently trading around 79.19.

Short term trend is bearish as long as resistance 80 holds. The decline from 83.81 till 76.12 will come to an end only if the pair closes above 80 level.

Any indicative break above 80 will take the pair to next level till 80.62 (90 4H EMA )/81.71 (21 day HMA )

On the lower side, minor support is around 78.71 (21 4H MA) and 78.34 (Jun 28th 2016 low)/77.46.

Short term bullishness only above 80.

It is good to sell on rallies around 79.35-79.40 with SL around 80 for the TP of 78.35/77.50
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