CADJPY approaching resistance, potential drop!
CADJPY is approaching our first resistance at 84.90 (Horizontal overlap resistance, 61.8% fibonacci extension, 23.6%, 50% fiboancci retracement) and a strong drop might occur below this level pushing price down to our major support at 83.58 (horizontal swing low support).
Stochastic (89,5,3) is also approaching support and we might see a corresponding bounce in price should it react off this level. Ichimoku cloud is also in line with our bearish bias.
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Stochastic (89,5,3) is also approaching support and we might see a corresponding bounce in price should it react off this level. Ichimoku cloud is also in line with our bearish bias.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results