FxWirePro: CAD/JPY faces strong resistance at 85.50, good to sell on rallies

• Major resistance – 85 (200 day 4H MA)
   
• Major intraday support – 83.60
   
• CAD/JPY has retreated after making a high of 85.02 yesterday. It is currently trading around 83.86.
   
• The pair has broken major short term support 84 and declined till 83.79 at the time of writing .
   
• Any break above 85 will take the pair to next level till 85.50/86.31 (61.8% retracement 88.78 and 82.24 /86.60.The minor resistance is around 84.40/84.70.
   
• Short term trend reversal only below 82.25 (May 6th low).

It is good to sell on rallies around 84.35-84.40 with SL around 85.05 for the TP of 83.60/83