Harmonic pattern- Bearish AB=CD Pattern
Ichimoku Analysis (4 Hour chart)
Tenken-Sen- 77.328
Kijun-Sen- 76.69
CADJPY declined slightly after hitting a high of 77.81 despite a strong Canadian dollar. It hits a low of 77.16 and is currently trading around 77.34. Canada CPI came at -0.2% YoY down from Mar 0.9% YoY, first year-over-year price in negative in a decade.
The near term resistance is at 78.18, any violation above targets 78.50/79.23/80. On the flip side, immediate support is around 76.70 (200-4H MA) and any indicative break below will drag the pair down till 76.30/75.80/75.57. Significant trend continuation only below 74.78.
It is good to sell on rallies around 77.55-60 with SL around 78 for the TP of 76.
