CAD/JPY Faces Strong Resistance at 85.75, Break Above Targets 86.35/87.45

CAD/JPY Faces Strong Resistance at 85.75, Break Above Targets 86.35/87.45

19 April 2016, 12:53
Roberto Jacobs
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CAD/JPY Faces Strong Resistance at 85.75, Break Above Targets 86.35/87.45

  • Major resistance – 85.75 
  • Major support -84.60 (55 day 4H EMA) 
  • The pair has made a high of 85.56 in the morning and slightly declined from that level. It is currently trading around 85.46. 
  • Short term trend is bullish as long as support 84.60 holds. Any break below 84.60 will drag the pair down till 84/83.60/83 in short term. The minor support is around 85. 
  • Any violation above 85.75 will take the pair to next level around 86.35/87.45.

It is good to buy above 85.75 with SL around 85 for the TP of 86.35/87.45

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