CAD/JPY forms Bearish AB=CD pattern, good to sell on rallies
Pattern formed: Bearish AB=CD
Potential Reversal Zone (PRZ) – 82.70
CAD/JPY has formed a Bearish AB= CD pattern in the four chart. The pair jumped till 82.68 and started to decline from that level. The pair formed ass minor bottom at 81.30 low formed on May 5th 2017. It will be acting as short term support and any break below targets 80.57.
On lower side, major intraday support is around 82.25 (200- 4H MA) and any break below will drag the pair till 81.87 (38.2% retracement of 80.57 and 82.68)/81.30.
The near term resistance is around 83.05 (55 – EMA) and any break above targets 83.45 (100 – EMA)/84.20.
It is good to sell on rallies around 82.45-82.50 with SL around 83.05 for the TP of 81.30/80.60.
Potential Reversal Zone (PRZ) – 82.70
CAD/JPY has formed a Bearish AB= CD pattern in the four chart. The pair jumped till 82.68 and started to decline from that level. The pair formed ass minor bottom at 81.30 low formed on May 5th 2017. It will be acting as short term support and any break below targets 80.57.
On lower side, major intraday support is around 82.25 (200- 4H MA) and any break below will drag the pair till 81.87 (38.2% retracement of 80.57 and 82.68)/81.30.
The near term resistance is around 83.05 (55 – EMA) and any break above targets 83.45 (100 – EMA)/84.20.
It is good to sell on rallies around 82.45-82.50 with SL around 83.05 for the TP of 81.30/80.60.