CAD/JPY Trades Well Above 200 HMA, Targets 86 - Good to Buy Dips

CAD/JPY Trades Well Above 200 HMA, Targets 86 - Good to Buy Dips

10 May 2016, 13:15
Roberto Jacobs
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CAD/JPY Trades Well Above 200 HMA, Targets 86 - Good to Buy Dips

  • Major resistance – 84.25 (200 day HMA) 
  • Major intraday resistance – 83.80 
  • CAD/JPY breaks major intraday resistance and jumped till 84.37 at the time of writing. It is currently trading around 84.32. 
  • The pair has closed well above 200 day HMA and this confirms minor bullishness, jump till 85/85.25/86 is possible. 
  • On the lower side support is around 83.65 (Kijun-Sen) and break below targets 83.05/82.25. 
  • Short  term trend reversal only below 82.25 (May 6th low).

It is good to buy at dips around 84.10 with SL around 83 for the TP of 85.25/86.

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