CAD/JPY faces resistance at 86.95,break above targets 87.45/88.7
Major resistance – 86.95 (trend line joining 87.45 and 87.02)
Major support -85.50 (7 day EMA)
The pair has made a high of 86.90 in the morning and slightly declined from that level. It is currently trading around 86.80.
Short term trend is bullish as long as support 85.50 holds. Any break below 85.50 will drag the pair down till 84.85/84.50 in short term. The minor support is around 86.20/85.80.
Any violation above 86.95 will take the pair to next level around 87.45/88.75 (200 day MA).
It is good to buy around 86.85-86.90 with SL around 85.50 for the TP of 88/88.70
Major support -85.50 (7 day EMA)
The pair has made a high of 86.90 in the morning and slightly declined from that level. It is currently trading around 86.80.
Short term trend is bullish as long as support 85.50 holds. Any break below 85.50 will drag the pair down till 84.85/84.50 in short term. The minor support is around 86.20/85.80.
Any violation above 86.95 will take the pair to next level around 87.45/88.75 (200 day MA).
It is good to buy around 86.85-86.90 with SL around 85.50 for the TP of 88/88.70
