CAD/JPY trade idea

• Major resistance – 81.25 (200 4H MA)
   
• Major support – 79.45 (4H Tenkan-Sen)
   
• CAD/JPY broken major psychological resistance 80 yesterday and jumped till 80.82. The pair is struggling to at higher levels and started to decline from that level.
   
• It is currently trading around 79.90.
   
• The pair should break below 79.45 for further weakness. Any violation below 79.45 will drag the pair down till 78.80 (55 4H EMA) /78.40 (21 4H MA).
   
• On the higher side, any violation above 80 targets 80.82/81.25 in the short term.

It is good to buy at dips around 79.90 with SL around 79.45 for the TP of 80.80/81.25.

R1- 80.50

 R2-80.85

 R3-81.25

Support

S1-79.45

S2-78.80

S3-78.40