CAD/JPY Trade Idea

• Pattern Formed –Double Top
   
• Major resistance- 86.10 (Weekly Kijun-Sen)
   
• Major support – 84.50 (55 day 4H EMA)
   
• The pair has once again retreated after making a high of 85.68. It is currently trading around 85.32.
   
• Potential upside is limited by Weekly Kijun-Sen around 86.10 level.  Any further bullishness can be seen only above 86.10 level. Any break above 86.10 will take the pair to next level  86.61/87.17.
   
• On the lower side major support is around 84.65 (55 day 4H EMA) and break below targets 84/83.70/83.25.
   
• Overall bearish invalidation only above 87.20 level.

It is good to sell on rallies around 85.35-40 with SL around 86.10 for the TP of 84.65/84/83.70

R1-85.75

 R2-86.10

R3-86.61

Support

S1-84.65

S2-84

S3-83.70