FxWirePro: CAD/JPY faces trend line resistance at 79.10, good to buy on dips
Major resistance79 (trend line joining 82.52 and 80.31). Major support – 77.45 (21- day MA). CAD/JPY has taken support near 10- day MA and started to jump from that level. It is currently trading around 78.58. The pair i…
Major resistance79 (trend line joining 82.52 and 80.31).
Major support – 77.45 (21- day MA).
CAD/JPY has taken support near 10- day MA and started to jump from that level. It is currently trading around 78.58.
The pair is facing strong trend lien resistance around 79 and any close above that level confirms further bullishness.
In daily chart, the pair is trading well above short term MA (21- day MA (77.35) and 50- day MA (77.86)) and also above Tenken –Sen (77.40) , Kijun-Sen (77.85).
On the higher side, major resistance is around 79 (trend line joining 82.52 and 80.31) and any violation above targets 79.55 (100- day MA)/80.31/81.90 (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.
