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Harmonic pattern formed - Bearish Gartley
Potential Reversal Zone (PRZ)- 91.58
CADJPY has halted its two weeks of continuous bullishness after goo gap up opening. It hits high of 89.21 and is currently trading around 88.61. The pair has formed Bearish Gartley pattern and any break above 91.58 confirms bullish continuation.
On the lower side, near term support is around 88.25 (5- day MA) and any break below targets 88.05/87.60. The pair should break below 86.58 for further weakness.
The near term major resistance is around 89.45 and any violation will take the pair to next level of 90/91/91.58.
It is good to sell on rallies around 89-89.10 with SL around 90 for the TP of 87.60/86.65.
