FxWirePro: CAD/JPY trades below trend line support, dip till 87.30 likely
Major support – 88.30 (trend line joining 88.26 and 88.50). CAD/JPY has declined once again after hitting high of 88.84 on Jan 26th 2018. It has broken major trend line support of 88.30 and dipped till 88. It is currentl…
Major support – 88.30 (trend line joining 88.26 and 88.50).
CAD/JPY has declined once again after hitting high of 88.84 on Jan 26th 2018. It has broken major trend line support of 88.30 and dipped till 88. It is currently trading around 88.05.
The Japanese yen declined almost 200 pips previous week after BOJ monetary policy and positive manufacturing data. The yen dipped till 108.28 and currently trading around 108.67.
On the lower side, pair has closed slightly below trend line in weekly chart and this confirms minor weakness and a dip till 87.33/86.75.
The near term resistance 89 and any break above will take the pair till 89.63/90. It should break above 90.30 (61.8% fibo) for further bullishness.
It is good to sell on rallies around 88.25-30 with SL around 88.85 for the TP 87.35/86.75.
