CAD/JPY found strong support near 75.50 and resistance near 79.60. CAD/JPY broke above the descending channel and resistance at 79.60.
Fibonacci applied to the channel breakout point shows that after the resistance breakout the pair hasn't tested any following resistance levels which should lead to a further uptrend.
Consider buying CAD/JPY while the rate is near 38.2% (79.60) Fib support, targeting either 23.6% (80.75) or 0% (85.60) Fibs as a final target. The suggested stop loss should be just below 50% (78.70) Fibs.
Support: 77.80, 78.70, 79.60
Resistance: 80.75, 82.60
From www.instaforex.com http://ift.tt/2fUh0Yq
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