FxWirePro: CAD/JPY forms shooting star pattern, good to sell on rallies
Candle Stick Pattern- Shooting star CAD/JPY has formed a temporary top around at 91.63 and started to decline from that level. The pair was trading high for more than one month. It has declined till 90.41 and is currentl…
CAD/JPY has formed a temporary top around at 91.63 and started to decline from that level. The pair was trading high for more than one month. It has declined till 90.41 and is currently trading around 90.92.
The near term resistance is around 91.65 high made on Sep 15th 2017 and any break above targets 92/92.44 (161.8% retracement of 91.63 and 90.41)/93.
On the lower side, major support is around 89.99 (Sep 14th 2017 low) and any break below targets 89.28 (38.2% retracement of 85.45 and 91.63)/88.07 (233- 4H MA).
It is good to sell on rallies around 91.60-91.65 with SL around 92.44 for the TP of 90/89.30.
