FxWirePro: CAD/JPY Faces Strong Resistance at 84.35, Good to Sell on Rallies

FxWirePro: CAD/JPY Faces Strong Resistance at 84.35, Good to Sell on Rallies

20 May 2016, 14:37
Roberto Jacobs
0
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FxWirePro: CAD/JPY Faces Strong Resistance at 84.35, Good to Sell on Rallies

  • Major resistance – 84.35 (21 day 4H MA) 
  • Major intraday support – 83.60 
  • CAD/JPY has retreated after making a high of 84.32 today. It is currently trading around 84.12. 
  • The pair’s major support is around 83.30 (61.8% retracement of  82.25 and 85.45) and any break below targets 83/82.25. 
  • Any break above 84.35 will take the pair to next level till 85/85/86.31 (61.8% retracement 88.78 and 82.24 /86.60. 
  • Short term trend reversal only below 82.25 (May 6th low).


It is good to sell on rallies around 84.35-84.40 with SL around 85.05 for the TP of 83.60/83

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