FxWirePro: CAD/JPY faces strong support at 84.40, good to buy at dips

• Major resistance – 85.50 (12 May high)
   
• Major intraday support – 83.60
   
• CAD/JPY has recovered after making a low of 83.69. It is currently trading around 85.08.
   
• The pair has broken major intraday resistance 85 (200 day 4HMA) and it should close above 85 level in four chart for further confirmation.
   
• Any break above 85.50 will take the pair to next level till 86.31 (61.8% retracement 88.78 and 82.24 /86.60.
   
• On the lower side support is around 84.40 (55 day 4 H EMA) and break below targets 83.60/83.
   
• Short term trend reversal only below 82.25 (May 6th low).

It is good to buy at dips around 85 with SL around 84.40 for the TP of 86.31/86.60