FxWirePro: CAD/JPY Trade Idea

• Minor resistance – 88.35 (trend line joining 88.51 and 88.44).
   
• CAD/JPY formed a minor bottom at 87.50 and shown a minor jump on account of rising crude oil prices.  Brent crude oil price s jumped above $65 high since 2015.  The reason for rise was mainly due to North sea pipeline shutdown. The pair hits intraday high of 88.349 and is currently trading around 88.32.
   
• In the hourly chart, the pair shown a minor decline below 200- H EMA and recovered slightly. Any intraday weakness can be seen only if pair closes below 88.13 (220- H EMA) in the hourly chart. The hourly close below will drag the pair to next level till 87.50/87.
   
• On the higher side, any break above 88.35 will take the pair to next level till 88.58 (61.8%)/88.72/89.22.

It is good to buy above 88.35 with SL around 88.10 for the TP of 88.72/89.20.  

Resistance
 

R1- 88.35
 

R2 -88.72
 

R3- 89.20
 

Support               
 

S1-88.10
 

S2- 87.50
 

S3-87