FxWirePro: CADJPY forms bearish Bat pattern, good to sell on rallies

Potential Reversal Zone (PRZ)- 82.10

CADJPY is trading higher for 3rd consecutive days and jumped more than 150 pips on weak yen. USDJPY recovered sharply and nay break above 108.50 confirms further bullishness. The Canadian dollar gaining strength against USD on slight easing of US-China trade optimism.

WTI crude oil recovered more than $3 from low of $51.20 and major weakness only below $50.

On the higher side, major resistance is around 82.10-15 and any major trend reversal only above that level. Any violation above targets 83/83.80.

The near term support is around 81.30 (23.6% fib) and any break below will drag the pair till 80.80/80.

It is good to sell on rallies around 82 with SL around 82.30 for the TP of 80.