• FxWirePro: CAD/JPY breaks major resistance 89.33, jump till 90 likely

    Source: FxWire Pro - Technicals / 27 Dec 2017 04:23:13   Eastern Standard Time

    • Major resistance – 89.33.
    • CAD/JPY has broken major resistance 89.33 high made on Dec 21st 2017 .The main reason for jump in Canadian dollar against all majors was due to strong crude oil price. The pair jumped more than 200 pips from the low of 87.32 on Dec 18th 2017. It hits high of 89.40 and is currently trading around 89.41
    • US crude oil prices hits 2-1/2 year high at $60 on reports of pipeline explosions in Libya which is expected to affect 90000 barrels a day production. Oil prices hits high of $ 59.98 and is currently trading around 59.81.
    • The near term intraday major resistance is around 89.33 (Dec 21st 2017 high) and any convincing break above will take the pair to next level till 90/90.77/91.68.
    • On the lower side, near term support is around 88.52 (50- day MA) and any violation below will drag the pair to next level till 88.00 (daily Kijun-Sen)/87.13.

    It is good to buy on dips around 89.25-30 with SL around 88.50 for the TP of 90.75/91.65.