FxWirePro:CAD/JPY downside capped by 61.8% fibo, good to buy on dips
Major support – 85.91 (61.8% retracement of 84.86 and 87.72). Major resistance – 87.97 The pair has formed a minor top around 87.72 and declined sharply from the high till 85.91. It is currently trading around 86.49. CAD…
Major support – 85.91 (61.8% retracement of 84.86 and 87.72).
Major resistance – 87.97
The pair has formed a minor top around 87.72 and declined sharply from the high till 85.91. It is currently trading around 86.49.
CAD/JPY downside capped by 61.8% fibo and any break below will drag the pair down till 84.80. Minor trend reversal level only below 84.80.
On the higher side, any break above 86.50 (21- day MA) will take the pair till 87.06 (61.8% retracement of 87.72 and 85.91)/87.72 (Feb 15th 2017 high).
It is good to buy on dips around 86.40 with SL around 85.80 for the TP of 87.05/87.70
