CAD/JPY Trade Idea

• Major resistance -77.89 (21- day MA).
   
• Major support - 76.85 (10- day MA).
   
• The pair breaks minor resistance 76.85 (10- day MA) and jumped sharply from that level. It is currently trading at 77.59.
   
• CAD/JPY is trading well above 5- day (76.55) and 76.85 (10- day MA). So the trend is slightly bullish. But it is trading slightly below 21- day MA.
   
• On the higher side, 21- day MA is acting as major resistance at 77.89 and any violation above that level confirms further bullishness, a jump till 78.45 (61.8% retracement of 80.31 and 75.40)/79.35 (trend line joining 82.52 and 80.31).

It is good to buy on dips around 77.25-30 with SL around 76.85 for the TP of 78.45/79.35                

Resistance 

R1-77.89

 R2-78.45

 R3-79.35

Support    

S1-76.85

S2-76.10

S3-75