FxWirePro:CAD/JPY faces strong resistance around 87.80, good to sell on rallies

• Major resistance – 87.80 (61.8% retracement of 93.25 and 78.94)
   
• Major support - 85
   
• The pair has retreated after making a high of 87.45 .It is currently trading around 86.05.
   
• Short term trend is bearish as long as resistance 87.80 holds. The break of 87.80 confirms minor trend reversal, a jump till 88.90/90 is possible. The minor resistance is around 86.50/87.10/87.50
   
• The pair’s major support is around 85.80 and break below targets 85.25/85/84.50.
   
• Overall bullish invalidation only below 84.

It is good to sell on rallies around 86.50-60 with SL around 87.80 for the TP of 85/84