FxWirePro: CADJPY Trade Idea

• Minor resistance- 87.80 (Trend line joining 88.52 and 88.11)
   
• CAD/JPY has formed a bottom around 87.32 and shown a minor jump from that level. The pair jumped 65 pips from the low on rising Japanese yen. It hits high of 88 and is currently trading around 87.98.
   
• The near term intraday major resistance is around 87.95 (233- H MA) and any convincing break above will take the pair to next level till 88.54/89.21 (Dec 5th 2017 high).
   
• On the lower side, near term support is around 87.32 and any violation below will drag the pair to next level till 86.80/86.32 (233- day MA)/85.60.

It is good to buy on dips around 87.70-75 with SL around 87.30 for the TP of 88.54/89.20.

Resistance
 

R1- 87.95
 

R2 -88.54
 

R3-89.20
 

Support               
 

S1-87.35
 

S2- 86.80
 

S3-86.32