CAD/JPY forms Bullish Gartley Pattern, good to buy on dips
Harmonic Pattern – Bullish Gartley Pattern
Potential Reversal Zone (PRZ)- 85.48
CAD/JPY has declined sharply and hits 2-1/2 month low at 86.93 at the time of writing. It is currently trading around 86.93.
The pair has formed potential bullish gartley pattern in the 4 hour chart and any weakness can be seen only below the potential reversal zone (PRZ) at 85.48.
Any violation below 85.48 will drag the pair to next level till 85/83.20 in the short term. The near term support is around 86.70 and break below targets 86/85.48.
The near term resistance is around 87.60 (34- 4H EMA) and any jump above this level will take the pair to next level till 88.17 (Nov 21st 2017 high)/88.50 (50- 4H MA)/88.80.
It is good to buy on dips around 86.60-65 with SL around 85.50 for the TP of 88.17/88.50.
Potential Reversal Zone (PRZ)- 85.48
CAD/JPY has declined sharply and hits 2-1/2 month low at 86.93 at the time of writing. It is currently trading around 86.93.
The pair has formed potential bullish gartley pattern in the 4 hour chart and any weakness can be seen only below the potential reversal zone (PRZ) at 85.48.
Any violation below 85.48 will drag the pair to next level till 85/83.20 in the short term. The near term support is around 86.70 and break below targets 86/85.48.
The near term resistance is around 87.60 (34- 4H EMA) and any jump above this level will take the pair to next level till 88.17 (Nov 21st 2017 high)/88.50 (50- 4H MA)/88.80.
It is good to buy on dips around 86.60-65 with SL around 85.50 for the TP of 88.17/88.50.
