FxWirePro:CAD/JPY Trade idea

• Major resistance – 84.20 (trend line joining 87.72 and 85.89).
   
• Major support – 81.96 (200- day MA).
   
• CAD/JPY taken support near 200- day MA and jumped sharply from the low of 82.23. It is currently trading around       83.83.
   
• Any break above 84.20 will take the pair to next level till 85.09 (50% retracement of 87.97 and 82.29)/85.89 (Mar 10th high).
   
• CAD is trading higher against all major pair on account of higher crude oil prices. WTI crude oil prices hits three week high at $50.45 on expectations of OPEC deal extension.
   
• On the lower side, near term support is around 83.50 (daily Tenken-Sen) and any break below will drag  the pair till 82.90 (61.8% retracement of 82.23 and 84.09)/81.96.
  
  It is good to buy above 84.20 with SL around 83.50 for the TP of 85.89.

Resistance                                                                  R1-84.20                      

R2 -85.09.

R3- 85.89

Support                   

S1-83.50

S2-82.90

S3-81.96