CAD/JPY Trade Idea

• Major resistance-78.75 (trend line joining 82.52 and 80.31).
   
• Major support – 77.40 (21- day MA).
   
• CAD/JPY has taken support near 21- day MA and started to jump from that level. It is currently trading around 79.02.
   
• The pair has broken trend lien resistance around 79 and a slight jump till 79.40/80 is possible.
   
• On the higher side, major resistance is around 79 (trend line joining 82.52 and 80.31) and any violation above targets 79.40 (100- day MA)/80.31/81.86 (200-day MA).
   
• The minor support is around 78.05 (5- day MA) and any violation below will drag the pair down till 77.40/76.76.

It is good to buy on dips around 78.90 with SL around 78 for the TP of 80.30/81.86.

Resistance

R1-79

 

R2-80.31

 

R3-81.85

 

Support               

 

S1-78.05

 

S2-77.40

 

S3-76.76