FxWirePro:CAD/JPY upside capped by 100- day MA, good to sell on rallies

• CAD/JPY has halted its bullish trend after forming a minor top around 85.76 level. The pair declined more than 100 pips and is currently trading around 84.80. The yen was recovered sharply almost 100 pips against USD in yesterday trade after initial sell-off in US equity markets. The pair hits intraday low of 84.76 and is currently trading around 84.77.
   
• The pair’s major near term resistance is around 85.75 (100- day MA) and any break above will take the pair 86.15/87.35 (61.8% fibo).
   
• The major support is at 84.45 which is 55- day EMA and any break below will drag the 83.84/83.45 (50- daY MA)/83.

It is good to sell on rallies around 84.80-85 with SL around 85.30 for the TP of 83.85/83.40.