CAD/JPY Trade Idea

• Major resistance – 84.25 (200 day HMA)
   
• Major intraday resistance – 83.80.
   
• CAD/JPY breaks major intraday resistance and jumped till 84.37 at the time of writing. It is currently trading around 84.32.
   
• The pair has closed well above 200 day HMA and this confirms minor bullishness, jump till 85/85.25/86 is possible.
   
• On the lower side support is around 83.65 (Kijun-Sen) and break below targets 83.05/82.25.
   
• Short term trend reversal only below 82.25 (May 6th low).

It is good to buy at dips around 84.10 with SL around 83 for the TP of 85.25/86.

R1-84.25

 R2-85.25

R3-86

Support

S1-83.60

S2-83

S3-82.25