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FxWirePro: CAD/JPY faces strong resistance at 84.35, good to sell on rallies

Friday, May 20, 2016 11:38 AM UTC

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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FxWirePro: CAD/JPY faces strong resistance at 84.35, good to sell on rallies

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