FxWirePro: CAD/JPY trades well above trend line resistance, jump till 90 likely
Major trend line resistance– 88.65 (trend line joining 89.63 and 89.23). CAD/JPY has shown a good recovery after forming a bottom at 87.79 on Jan 30th 2018. It has broken major trend line support of 88.65 and jumped till…
Major trend line resistance– 88.65 (trend line joining 89.63 and 89.23).
CAD/JPY has shown a good recovery after forming a bottom at 87.79 on Jan 30th 2018. It has broken major trend line support of 88.65 and jumped till 89.06. It is currently trading around 89.04.
The Japanese yen has shown a minor recovery on account of profit booking. The yen jumped till 109.61 and currently trading around 109.59.
On the lower side, pair major intraday support stands at 88.30 (20- 4H MA) and below this confirms minor weakness and a dip till 87.79/87.35 is possible.
The near term resistance 89 (61.8% fibo) 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 buy on dips around 88.75-80 with SL around 88.25 for the TP 89.65/90.
