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Short

CAD/JPY forms double top around 85.75, good to sell on rallies

FX:CADJPY   Canadian Dollar/Japanese Yen
130 0 4
Pattern Formed –Double Top

Major resistance- 86.10 (Weekly Kijun-Sen)

Major support – 84.50 (55 day 4H EMA)

The pair has once again retreated after making a high of 85.68. It is currently trading around 85.32.

Potential upside is limited by Weekly Kijun-Sen around 86.10 level. Any further bullishness can be seen only above 86.10 level. Any break above 86.10 will take the pair to next level 86.61/87.17.

On the lower side major support is around 84.65 (55 day 4H EMA) and break below targets 84/83.70/83.25.

Overall bearish invalidation only above 87.20 level.

It is good to sell on rallies around 85.35-40 with SL around 86.10 for the TP of 84.65/84/83.70
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