Potential Reversal Zone (PRZ)- 84.10
CADJPY is consolidating after hitting high of 84.09 on Friday. The pair is trading higher for past three trading days and jumped nearly 100 pips from low of 83.10 level.The jump was mainly due to weakness in Yen on easing geo political tension has decreased demand for safe haven assets.Canadian dollar trading in narrow range on declining crude oil prices from new 5- month high $64.77.It hits low of $63.21 and is trading around $63.27.
The major resistance is around 84.10 high made on Mar 19th and break above that level targets 84.40/84.60/85.Any bullish continuation only above 85.25.
On the lower side, near term support is around 83.10 and any violation below will drag the pair to next level till 82.81/82.20/81.98.
It is good to buy above 84.10 with SL around 83.58 for the TP of 85.25.