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2016.05.2306:07:00UTC+00Fxwirepro: Cad/jpy Faces Resistance at 55 Day 4h Ema, Good to Sell on Rallies

  • Major resistance – 84.35 (55 day 4H EMA)
     
  • Major intraday support – 83.30
     
  • CAD/JPY has retreated after making a high of 84.33 on Friday. It is currently trading around 83.46.
     
  • The pair’s major support is around 83.30 (61.8% retracement of  82.25 and 85.45) and any break below targets 83/82.25.
     
  • Any break above 84.35 will take the pair to next level till 85/85/86.31 (61.8% retracement 88.78 and 82.24 /86.60.
     
  • Short term trend reversal only below 82.25 (May 6th low).

It is good to sell on rallies around 83.80-83.85 with SL around 84.35 for the TP of 83/82.25

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