FxWirePro: CAD/JPY faces trend line resistance at 79.10, good to buy on dips
Major resistance- 79.10 (trend line joining 82.52 and 80.31). Major support – 77.45 (21- day MA). CAD/JPY is trading higher for the past six consecutive days on account of higher crude oil prices. It is currently trading…
Major resistance- 79.10 (trend line joining 82.52 and 80.31).
Major support – 77.45 (21- day MA).
CAD/JPY is trading higher for the past six consecutive days on account of higher crude oil prices. It is currently trading around 78.56.
The pair has broken major resistance around 78.34 (55- day EMA) yesterday and jumped till 78.74 yesterday.
In daily chart the pair is trading well above short term MA (21- day MA (77.45) and 50- day MA (77.56)) and also above Tenken –Sen (77.07) , Kijun-Sen (77.85).
On the higher side, major resistance is around 79.10 (trend line joining 82.52 and 80.31) and any violation above targets 79.70 (100- day MA)/80.31/82.02 (200-day MA).
The minor support is around 77.85 (Kijun-Sen) and any violation below will drag the pair down till 77.45/77.06 (10- day MA).
It is good to buy on dips around 78.30-35 with SL around 77.45 for the TP of 79.10/80.30.
