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Add as a preferred source on Google 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 low…
By FxWire Pro Aug 10, 2016, 9:41 AM UTC
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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.
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