CAD/JPY Trade Idea

• Major resistance- 78.83 (10- day MA).
   
• Major support -76.75 (Aug 3rd 2016 low).
   
• CAD/JPY has jumped till 78.63 yesterday and declined sharply from that level. It is currently trading around 77.55.
   
• The pair is facing strong resistance at 10- day MA AT 78.83 any short term bullishness only above that level. The minor resistance is around 78.27 (5 day MA).
   
• Any break above 78.27 will take the pair till 78.85 (10- day MA)/79.22 (55- day EMA).
   
• On the lower side, any break below 76.75 will drag the pair to next level till 76.10/74.55 (161.8 % retracement of 76.12 and 80.31).

It is good to sell on rallies around 77.85-77.90 with SL around 78.80 for the TP of 76.10/74.60 

Resistance
 

R1- 78.27
 

R2-78.85

R3-79.22
 

Support
 

S1-76.75
 

S2-75.75
 

S3-74.55