CAD/JPY trades well above 200 HMA, targets 86
10 May 2016, 13:17
•Major resistance – 84.25 (200 day HMA)
•Major intraday resistance – 83.80
•CAD/JPY breaks major intraday resistance and jumped till 84.37 at the time of writing. It is currently trading around 84.32.
•The pair has closed well above 200 day HMA and this confirms minor bullishness, jump till 85/85.25/86 is possible.
•On the lower side support is around 83.65 (Kijun-Sen) and break below targets 83.05/82.25.
•Short term trend reversal only below 82.25 (May 6th low).
It is good to buy at dips around 84.10 with SL around 83 for the TP of 85.25/86.