FxWirePro: CAD/JPY faces strong resistance at 3 day EMA, good to sell on rallies

• Major resistance – 79.05 (3 day EMA)
   
• Major support – 77.45
   
• The pair has made a high of 78.93 yesterday and slightly declined from that level. It is currently trading around 78.46.
   
• CAD/JPY major resistance is around 79.05 (3 day EMA) and any break above indicates slight bullishness. Any indicative break above 79.05 will take the pair to next level till 79.96 (daily Tenken-Sen)/80.90 (61.8% 83.81 and 76.13).
   
• On the lower side, major support is around 78 and any break below targets 77.45/76.57 (161.8% retracement of 77.45 and 78.93).

It is good to sell on rallies around 78.45-78.50 with SL around 79.05 for the TP of 77.45/76.60