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FxWirePro: CAD/JPY trade idea

Tuesday, June 13, 2017 12:25 PM UTC

CAD/JPY formed a temporary bottom at 80.88 and shown a continuous jump from that level. The pair broken major trend line resistance around at 83.05 (trend line joining 83.74 and 83.48) and jumped till 83.12. It is currently trading around 83.08.
Canadian dollar trades higher against all majors on account of hawkish BOC.
Technically in the hourly chart, the pair is trading well above Tenkan-Sen (82.85) and Kijun-Sen (82.26). Intraday weakness can be seen only below 81.85 (200- H MA).
On the higher side, any break above trend line resistance will take the pair till 84.20 (Mar 31st 2017 high)/84.80.

It is good to buy on dips around 83 with SL around 82.25 for the TP of 84.20/84.80.

Resistance

R1-83.05

R2 -84.20

R3- 84.80

Support

S1-82.85

S2-82.25

S3-81.85

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FxWirePro: CAD/JPY trade idea

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