FxWirePro: CAD/JPY breaks trend line resistance, good to buy on dips
CAD/JPY has shown a minor decline till 81.27 after hitting high of 82.39 on Apr 26th 2017 on account of weak crude oil price. The pair jumped and broken 200- day MA (82.19) at the time of writing. It is currently trading…
CAD/JPY has shown a minor decline till 81.27 after hitting high of 82.39 on Apr 26th 2017 on account of weak crude oil price. The pair jumped and broken 200- day MA (82.19) at the time of writing. It is currently trading around 82.23.
The pair shown a mild jump above 200- day MA and any close above will take the pair to next level till 83.20 (55- day EMA)/83.57 (55- day EMA)/84.20.
The near term support is around 81.21 (61.8% retracement of 80.57 and 82.39) and any break below will drag the pair down till 80.56/80.20 (61.8% retracement of 74.81 and 88.92).
It is good to buy on dips 82.10 -82.20with SL around 81.20 for the TP of 83.40/84.20.
