CADJPY trade idea

• Major resistance- 81.27 (200- day MA)
   
• Minor support- 80.47 (5- day MA)


• The pair has broken major resistance 81.27 (200- day MA) and jumped till 81.68. It is currently trading around 81.67.
   
• On the higher side, any close above 200 –day MA will take the pair to next level till 82.59 (161.8% retracement of 79.66 and 74.81)/83.


• The minor support stands at 80.47 and any indicative break below 80.47 will drag the pair down till 79.45 (10- day MA)/78.67 (21- day MA).
   
• Short term trend reversal only below 78.45.


• The FxWirePro Hourly CAD Strength index at 1200 GMT stood at 85 (Slightly Bullish) and JPY at -52  (Neutral).So it is good to go long on CAD/JPY 
  
  It is good to buy on dips around 81.40-45 with SL around 80.47 for the TP of 82.59/83

Resistance                                                                   1-81.80               

R2-82.60     

R3-83

Support               

S1-80.47

S2-79.05.

S3- 78.45