• FxWirePro: CAD/JPY trades well above trend line resistance, jump till 90 likely

    Source: FxWire Pro - Technicals / 01 Feb 2018 05:02:33   Eastern Standard Time

    • Major trend line resistance– 88.65 (trend line joining 89.63 and 89.23).
    • CAD/JPY has shown a good recovery after forming a bottom at 87.79 on Jan 30th 2018. It has broken major trend line support of 88.65 and jumped till 89.06. It is currently trading around 89.04.
    • The Japanese yen has shown a minor recovery on account of profit booking. The yen jumped till 109.61 and currently trading around 109.59.
    • On the lower side, pair major intraday support stands at 88.30 (20- 4H MA) and below this confirms minor weakness and a dip till 87.79/87.35 is possible.
    • The near term resistance 89 (61.8% fibo) and any break above will take the pair till 89.63/90. It should break above 90.30 (61.8% fibo) for further bullishness.

    It is good to buy on dips around 88.75-80 with SL around 88.25 for the TP 89.65/90.