FxWirePro: CAD/JPY trade idea

• CAD/JPY is showing a continuous selling after forming top around 88.92 on Dec 15th 2016. The pair declined till 82.01.
   
• The major support is around 200- day MA at 82 and any close below will drag the pair till  80.21 (61.8% retracement 74.81 and 88.92)/78 in the short term.
   
• On the higher side the pair has shown a mild jump till 83.18 on Apr 4th 2017 and it should cross 84.63 (55- day EMA) for further bullishness.


• Overall bearish invalidation only below 89 level.
   
• RSI (14) – Over bought
   
• The momentum indicator RSI is in overbought zone and a slight jump is possible. But short term trend is still bearish and it is good to sell on rise.
  
  It is good to sell on rallies around 83.20-83.30 with SL around 84.65 for the TP of 80.30.

Resistance                                                  R1-83.20                      

R2 -84.65

R3- 85.90

Support                   

S1-82

S2-80.25

S3-78