Harmonic pattern- Bearish Bat pattern
Potential Reversal Zone (PRZ)- 84.10
As per our analysis CADJPY is showing weakness after jumping till 83.84 yesterday.CAD was trading higher for past 1- week on account of surging crude oil prices. US oil hits 5 month high yesterday and shown a 50 cents decline due to rising US oil inventory. The pair has halted its 4 day of winning streak and lost nearly 50 pips. It is currently trading around 83.394.
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 (200- H MA)/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 83.60-65 with SL around 84.10 for the TP of 82.21.
