FxWirePro: CAD/JPY struggles to close above 78, good to sell on rallies

• Major resistance – 78.20 (90 4H EMA)
   
• Major support – 76 (Jun 24th 2016 low)
   
• The pair has retreated from the high of 78.45 and declined till 77.07 at the time of writing. It is currently trading around 77.13.
   
• The decline from 83.81 to 76.12 will come to an end only if closes above 80 level.
   
• The pair should close above 80 for further bullishness. The pair’s major resistance is around 78.20 and any indicative break above targets 78.72.
   
• On the lower side, any break below 77.10 will drag the pair down till 76.10/75.86.

It is good to sell on rallies around 78.35-78.40 with SL around 79 for the TP of 77.10/75.90.