CAD/JPY breaks trend line resistance, targets 88.90
Major resistance – 86.60 (trend line joining 88.66 and 88.21).
Major support – 86.27 (200 – H MA).
CAD/JPY breaks major trend line resistance at 86.60 and jumped sharply from that level. It is currently trading around 86.88.
The jump from 74.80 and 88.92 will come to end if it closes below 85 level. The pair short term support is at 86.27 (200- H MA) and any break below will drag the CAD/JPY till 85.68 (61.8% retracement of 84.80 and 87.10).
On the higher side, any break above 87.15-87.20 (200- 4H MA and also 61.8% retracement of 88.66 and 84.80) will take the pair till 88/88.90 in the short term.
It is good to buy on dips around 86.80-85 with SL around 86.25 for the TP of 88.90
Major support – 86.27 (200 – H MA).
CAD/JPY breaks major trend line resistance at 86.60 and jumped sharply from that level. It is currently trading around 86.88.
The jump from 74.80 and 88.92 will come to end if it closes below 85 level. The pair short term support is at 86.27 (200- H MA) and any break below will drag the CAD/JPY till 85.68 (61.8% retracement of 84.80 and 87.10).
On the higher side, any break above 87.15-87.20 (200- 4H MA and also 61.8% retracement of 88.66 and 84.80) will take the pair till 88/88.90 in the short term.
It is good to buy on dips around 86.80-85 with SL around 86.25 for the TP of 88.90
