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FxWirePro: CAD/JPY forms Bearish Gartley pattern, good to sell on rallies

  • Harmonic Pattern- Bearish Gartley Pattern
     
  • Potential Reversal Zone (PRZ) - 85.50
     
  • The pair has made a high of 85.25 and slightly retreated from that level. It is currently trading around 84.85.
     
  • Short term trend is slightly weak as long as resistance 85.50 holds.
     
  • On the lower side minor support is around 84.60 and break below will drag the pair till 83.80/83.
     
  • Short term bullish invalidation only below 82.80.
     
  • Any break above major resistance 85.50 will take the pair to next level 86.20/87.

It is good to sell on rallies around 85.50 with SL around 86.20 for TP of 84.60/83

 

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