FxWirePro: CAD/JPY struggles to break trend line resistance , good to sell on rallies
Major resistance – 77.60 (trend line joining 78.63 and 77.88). Major intraday support- 77 (21- 4 H MA). The pair has pared its losses after making a low of 76.15 on Wednesday. It is currently trading around 77.19. In the…
Major resistance – 77.60 (trend line joining 78.63 and 77.88).
Major intraday support- 77 (21- 4 H MA).
The pair has pared its losses after making a low of 76.15 on Wednesday. It is currently trading around 77.19.
In the four hour chart, the pair is struggling to close above 55- 4 HMA and also above trend line resistance .Any further bullishness can be seen only above that level.
Any close above 77.60 will take the pair till 78.13 (200- 4H MA) /78.88 (61.8% retracement of 80.31 and 76.59)/80.47 (100- day MA).
On the lower side, any break below 76.10 will drag the pair further down till 75/74.55.
It is good to sell on rallies around 77.50-55 with SL around 79 for the TP of 76.10/75
