• Cadjpy: 200-day ma and trend line resistance

    Source: FxWire Pro - Technicals / 12 Sep 2019 11:03:20   Europe/London

    Major resistance- 82.10-82.25 (200-day MA and trend line resistance)


    CADJPY was trading higher for the past 1- week and jumped more than 150 pips till 82.09 on slight weakness in the yen. The slight easing of trade tension has increased demand for riskier assets. USDJPY hits 108 level after more than 1-month consolidation.


    Canadian dollar performing better this month especially against USD (1.85% higher) on positive economic data and rising crude oil price.


    On the flip side, 81.47 will be acting as near term support and any violation below will drag the pair till 80.97/80.25.


    The near term major resistance is around 82.10-25 and any close above confirms bullish continuation a jump till 83/83.25 likely.


    It is good to sell on rallies around 81.85-90 with SL around 82.25 for the TP of 80.97/80.25.

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