FxWirePro: CAD/JPY Trade Idea

• Harmonic Pattern – Bullish Gartley Pattern.
   
• Potential Reversal Zone (PRZ)- 85.48
   
• CAD/JPY has declined sharply and hits 2-1/2 month low at 86.93 at the time of writing. It is currently trading around 87.07.
   
• The pair has formed potential bullish gartley pattern in the 4 hour chart and any weakness can be seen only below the potential reversal zone (PRZ) at 85.48.
   
• Any violation below 85.48 will drag the pair to next level till 85/83.20 in the short term. The near term support is around 86.70 and break below targets 86/85.48.
   
• The near term resistance is around 87.60 (34- 4H EMA) and any jump above this level will take the pair to next level till 88.17 (Nov 21st 2017 high)/88.50 (50- 4H MA)/88.80.

It is good to buy on dips around 86.60-65 with SL around 85.50 for the TP of 88.17/88.50.

Resistance
 

R1-87.60
 

R2 88.20
 

R3- 88.50
 

Support               
 

S1- 86.65
 

S2- 86
 

S3-85.48