Chart pattern- Double top
Potential Reversal Zone (PRZ)- 84.10
CADJPY is showing weakness once again after jumping till 83.84 yesterday. CAD was trading higher against all majors on rising oil prices. Oil price hits new 5- month high on Libya conflicts.But there was slight decline in oil price as IMF downgraded global growth forecast and renewed trade tension between US-Europe.It is currently trading around 83.40.
On the lower side, near term support is around 83.10 and any violation below will drag the pair to next level till 82.81/82.20/81.98.
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 83.55-60 with SL around 84.10 for the TP of 82.21.
