CADJPY approaching resistance, potential drop!
CADJPY is approaching our first resistance at 86.25 (horizontal overlap resistance, 23.6% Fibonacci retracement, 100% Fibonacci extension) and a strong drop might occur below this level pushing price down to our major support at 83.84 (horizontal swing low support, 76.4% Fibonacci retracement). A breakout of our intermediate support at 85.82 (61.8% Fibonacci retracement) might provide the bearish acceleration to our major support target.
Ichimoku cloud is also showing signs of bearish pressure in line with our bearish bias. RSI (34) is also seeing a bearish exit in line with our bearish bias.
Trading CFDs on margin carries high risk.
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Ichimoku cloud is also showing signs of bearish pressure in line with our bearish bias. RSI (34) is also seeing a bearish exit 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.
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