Minor resistance – 88.35 (trend line joining 88.51 and 88.44). CAD/JPY formed a minor bottom at 87.50 and shown a minor jump on account of rising crude oil prices. Brent crude oil price s jumped above $65 high since 2015…
Minor resistance – 88.35 (trend line joining 88.51 and 88.44).
CAD/JPY formed a minor bottom at 87.50 and shown a minor jump on account of rising crude oil prices. Brent crude oil price s jumped above $65 high since 2015. The reason for rise was mainly due to North sea pipeline shutdown. The pair hits intraday high of 88.349 and is currently trading around 88.32.
In the hourly chart, the pair shown a minor decline below 200- H EMA and recovered slightly. Any intraday weakness can be seen only if pair closes below 88.13 (220- H EMA) in the hourly chart. The hourly close below will drag the pair to next level till 87.50/87.
On the higher side, any break above 88.35 will take the pair to next level till 88.58 (61.8%)/88.72/89.22.
It is good to buy above 88.35 with SL around 88.10 for the TP of 88.72/89.20.
