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FxWirePro: CAD/JPY recovers sharply from major trend line support , jump till 86 possible
Major support - 84.61-84.85 (Trend line and 200 day MA)
CADJPY has shown very nice recovery from the trend line support 84.61 almost 100 pips and is currently consolidating. The pair has made temporary top around 86.98 and shown minor weakness. The pair hits low of 84.61 and is currently trading around 85.40.
The pair is facing minor resistance around 85.76 (100- day MA) and any break above targets 86.01 (55 day EMA)/86.40/87 is possible. The pair should break above 87 for further bullish continuation.
On the lower side, any violation below 84.60 confirms major trend reversal and a dip till 83.76/83 is likely.
It is good to buy on dips around 85.15-20 with SL around 84.60 for the TP of 86.05/87.
