CAD/JPY stuck at rising trend line amid cypher formation

CAD/JPY hourly also shows pair is forming cypher formation with leg D in the making. Accordingly, prices are expected to near 84.60 levels.

However, the falling trend line is capping gains. We need a bullish break above the same, which will be followed by another hurdle at 84.00.

In the current scenario, when oil prices are looking wobbly, a rise to point D at 84.60 could be followed by a rapid sell-off. Stay tuned...