CAD/JPY breaks major trend line resistance, jump till 88.92 likely
Major resistance- 87.40 (trend line joining 88.66 and 87.97) Major support - 84.80 CAD/JPY formed double bottom around 84.80 and jumped sharply from the low 84.86. The pair has broken major trend line resistance around 8…
Major resistance- 87.40 (trend line joining 88.66 and 87.97)
Major support - 84.80
CAD/JPY formed double bottom around 84.80 and jumped sharply from the low 84.86. The pair has broken major trend line resistance around 87.40 and jumped till 87.63 at the time of writing.
On the lower side, near term support is around 87.15 (4H Tenken- Sen) and any break below will drag the pair down till 86.27 (4- H Kijun-Sen)/85.91 (61.8% retracement of 84.86 and 87.635).
The break above trend line resistance 87.40 confirms minor bullishness, jump till 88/88.66/88.92 (Dec 15th high).
It is good to buy on dips around 87.50-87.55 with SL around 86.95 for the TP of 88.60/88.92.
