CAD/JPY Faces Resistance at 84.25, Break Above Targets 85/85.50
8 June 2016, 10:07
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CAD/JPY Faces Resistance at 84.25, Break Above Targets 85/85.50
- Major resistance – 84.25 (trend line joining 84.43 and 84.31)
- Major support – 83.60 (90 H EMA)
- CAD/JPY has jumped till 84.21 after making a low of 83.74 at the time of writing. It is currently trading around 84.09.
- On the higher side any break above trendline resistance 84.25 will take the pair to immediate resistance at 84.60 (200 4H MA)/85/85.50.
- The pair should close above 85.50 for the short-term trend reversal.
- CAD/JPY is facing major short-term support at 83.60 and on breaking below 83.60 will drag the pair till 83/82.10.
It is good to buy above 84.25 with SL around 83.60 for the TP of 85/85.50.
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