CAD/JPY Trade Idea

CAD/JPY Trade Idea

8 June 2016, 15:11
Roberto Jacobs
0
11

CAD/JPY Trade Idea

  • 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.

Resistance: R1-84.25,  R2-85, R3-85.50

Support: S1-83.60, S2-83, S3-82.10

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