CAD/JPY Trade Idea - Good to Sell on Rallies
- Major resistance - 79.95 (55 4H EMA)
- CAD/JPY has made a high of 79.95 yesterday and started to decline from that level. It is currently trading around 79.19.
- Short term trend is bearish as long as resistance 80 holds. The decline from 83.81 till 76.12 will come to an end only if the pair closes above 80 level.
- Any indicative break above 80 will take the pair to next level till 80.62 (90 4H EMA)/81.71 (21 day HMA)
- On the lower side, minor support is around 78.71 (21 4H MA) and 78.34 (Jun 28th 2016 low)/77.46.
- Short term bullishness only above 80.
It is good to sell on rallies around 79.35-79.40 with SL around 80 for the TP of 78.35/77.50
Resistance: R1- 80, R2-80.62, R3-81.70
Support: S1- 78.70, S2-78.35, S3-77.50