Harmonic pattern- Bearish Bat pattern
Potential Reversal Zone (PRZ)- 84.10
CADJPY has halted its 3 day of winning streak and lost nearly 25 pips from high of 83.75 level. The pair has jumped more than 150 pips from low of 81.98 .The sharp recovery was mainly due to strong Canadian dollar on account of crude oil prices which is trading at 5 month high and better than expected Canadian GDP data. It is currently trading around 83.53.
On the lower side, near term support is around 83.35 and any violation below will drag the pair to next level till 82.93 (300-H EMA)/82.60 (200- H MA).
The major resistance is around 84.10 high made on Mar 19th and break above that level targets 84.40/84.60/85.Any bullish continuation only above 85.25.
It is good to sell on rallies around 83.65-70 with SL around 84.10 for the TP of 82.98/82.60.
