CAD/JPY forms double top around 85.75, good to sell on rallies
Pattern Formed –Double Top
Major resistance- 86.10 (Weekly Kijun-Sen)
Major support – 84.50 (55 day 4H EMA)
The pair has once again retreated after making a high of 85.68. It is currently trading around 85.32.
Potential upside is limited by Weekly Kijun-Sen around 86.10 level. Any further bullishness can be seen only above 86.10 level. Any break above 86.10 will take the pair to next level 86.61/87.17.
On the lower side major support is around 84.65 (55 day 4H EMA) and break below targets 84/83.70/83.25.
Overall bearish invalidation only above 87.20 level.
It is good to sell on rallies around 85.35-40 with SL around 86.10 for the TP of 84.65/84/83.70
Major resistance- 86.10 (Weekly Kijun-Sen)
Major support – 84.50 (55 day 4H EMA)
The pair has once again retreated after making a high of 85.68. It is currently trading around 85.32.
Potential upside is limited by Weekly Kijun-Sen around 86.10 level. Any further bullishness can be seen only above 86.10 level. Any break above 86.10 will take the pair to next level 86.61/87.17.
On the lower side major support is around 84.65 (55 day 4H EMA) and break below targets 84/83.70/83.25.
Overall bearish invalidation only above 87.20 level.
It is good to sell on rallies around 85.35-40 with SL around 86.10 for the TP of 84.65/84/83.70
