FxWirePro: CAD/JPY struggles to close above 7 day EMA, good to sell on rallies

• Major resistance -78.25 (55 4H EMA).
   
• The pair has recovered sharply after making a low of 77.40. It is currently trading around 77.78.
   
• Short term trend is bearish as long as resistance 78.25(55 day EMA) holds.
   
• On the lower side, major support is around 77.29 (61.8% retracement of 78.12 and 76.76)  and any violation below targets 76.98/76.15.
   
• The resistance is around 78.25 and any break above will take the pair to next level till 78.55 (90 4H EMA)/79.55 (21 day MA).
   
• Short term trend reversal only above 82.60.

It is good to sell on rallies around 77.80 with SL around 78.25 for the TP of 77/76.15.