FxWirePro:CAD/JPY upside capped by trend line resistance, good to sell on rallies
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.…
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 84.80.
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
