CAD/JPY Trade Idea

• Major resistance- 79.10 (trend line joining 82.52 and 80.31).
   
• Major support – 77.45 (21- day MA).
   
• CAD/JPY is trading higher for the past six consecutive days on account of higher crude oil prices. It is currently trading around 78.56.
   
• The pair has broken major resistance around 78.34 (55- day EMA) yesterday and jumped till 78.74 yesterday.
   
• In daily chart, the pair is trading well above short term MA (21- day MA (77.45) and 50- day MA (77.56)) and also above Tenken –Sen (77.07) , Kijun-Sen (77.85).
   
• On the higher side, major resistance is around 79.10 (trend line joining 82.52 and 80.31) and any violation above targets 79.70 (100- day MA)/80.31/82.02 (200-day MA).
   
• The minor support is around 77.85 (Kijun-Sen) and any violation below will drag the pair down till 77.45/77.06 (10- day MA).

It is good to buy on dips around 78.30-35 with SL around 77.45 for the TP of 79.10/80.30.

Resistance 

R1-79.10

 R2-80.31

 R3-82.02

Support    

S1-77.85

S2-77.45

S3-77.06