CADJPY breaks minor trend line resistance, jump till 88.50/89 likely
Minor resistance- 87.80 (Trend line joining 88.52 and 88.11). CAD/JPY has formed a bottom around 87.32 and shown a minor jump from that level. The pair jumped 65 pips from the low on rising Japanese yen. It hits high of …
Minor resistance- 87.80 (Trend line joining 88.52 and 88.11).
CAD/JPY has formed a bottom around 87.32 and shown a minor jump from that level. The pair jumped 65 pips from the low on rising Japanese yen. It hits high of 88 and is currently trading around 87.98.
The near term intraday major resistance is around 87.95 (233- H MA) and any convincing break above will take the pair to next level till 88.54/89.21 (Dec 5th 2017 high).
On the lower side, near term support is around 87.32 and any violation below will drag the pair to next level till 86.80/86.32 (233- day MA)/85.60.
It is good to buy on dips around 87.70-75 with SL around 87.30 for the TP of 88.54/89.20.
