CADJPY trend line break out (chart of the day)

Aug 30

CADJPY showed a nice jump after upbeat Canadian GDP data. It hits a high of 108.80 and is currently trading around 107.99.

The economy rose to 0.50% y/y in Q1 in line with expectations from Q1 0.40%. the yearly GDP grew 2.1% in the Q2 ,well above estimate of 1.6%.

Technicals-

The pair trades above 34- and 55 EMA in the hourly chart.

The near-term resistance is around 108, a breach above targets 108.80/109.20/110. The immediate support is at 107.65, any violation below will drag the pair to 107.20/109.90.

Indicator (hourly chart)

CCI (14)- Bullish

CCI (50)- Bullish

Average directional movement Index- bullish. All indicators confirms bullish trend .

It is good to buy on dips around 107.97-108 with SL around 107.48 for a TP of 108.80/109.25.