FxWirePro:CAD/JPY trade idea

• Major resistance – 85.20 (200- HMA and trend line joining 85.65 and 85.22)
   
• Major support – 84.15 (Feb 28th low)
   
• CAD/JPY shown a minor jump till 85.08 after declining till 84.68 level. It is currently trading around 84.88.
   
• CAD declined sharply against all major pairs due to huge sell off in Crude oil prices. West Texas intermediate crude down 4.2% after U.S inventory has shown huge build up highest since 1982.


• On the higher side, next immediate resistance is around 85.20 and any break above will targets 85.65/86.
   
• The major intraday support is around 84.68 and any break below targets 84.15/83 in the short term.
  
  It is good to sell on rallies around 84.90 with SL around 85.20 for the TP of 84.20/84                          

Resistance                                                                                

R1-85.20                             

R2 -85.65

R3- 86

Support                   

S1-84.68                  

S2-84.15

S3- 83