CAD/JPY Trade idea

• Major resistance – 84.35 (55 day 4H EMA)
   
• Major intraday support – 83.30
   
• CAD/JPY has retreated after making a high of 84.33 on Friday. It is currently trading around 83.46.
   
• The pair’s major support is around 83.30 (61.8% retracement of  82.25 and 85.45) and any break below targets 83/82.25.
   
• Any break above 84.35 will take the pair to next level till 85/85/86.31 (61.8% retracement 88.78 and 82.24 /86.60.
   
• Short term trend reversal only below 82.25 (May 6th low).

It is good to sell on rallies around 83.80-83.85 with SL around 84.35 for the TP of 83/82.25

R1-84.35

 R2-85

R3-85.50

Support

S1-83.30

S2-83

S3-82.25