CAD/JPY Trade Idea

• Major resistance – 84.25 (trend line joining 84.43 and 84.31)
   
• Major support – 83.60 (90 H EMA)
   
• CAD/JPY has jumped till 84.21 after making a low of 83.74 at the time of writing. It is currently trading around 84.09.
   
• On the higher side any break above trendline resistance 84.25 will take the pair to immediate resistance at 84.60 (200 4H MA)/85/85.50.
   
• The pair should close above 85.50 for the short-term trend reversal.
   
• CAD/JPY is facing major short-term support at 83.60 and on breaking below 83.60 will drag the pair till 83/82.10.

It is good to buy above 84.25 with SL around 83.60 for the TP of 85/85.50.

R1-84.25

 R2-85

R3-85.50

Support

S1-83.60

S2-83

S3-82.10