FxWirePro: CADJPY Trade Idea

CAD/JPY is trading higher for 4th consecutive day and jumped more than 150 pips in previous week. Canadian dollar was trading strong against US dollar after dovish Fed.It hits high of 83.83 and is currently trading around 83.83.

On the higher side,near term resistance is around 84.20 and any break above will take the pair to next level till 84.80 (200- day MA)/84.95.

The near term support is 83.18 (55- day EMA) and any violation below will take the pair to next level 82.45/82/81.29. Any bearish continuation only below 81.29.

It is good to buy on dips around 83.70-75 with SL around 83.19 for the TP of 85.

Resistance

R1- 84.20

R2 -84.80

R3- 84.95

Support               

S1- 83.18

S2- 82.45

S3- 82