CADJPY is approaching support, potential bounce!
CADJPY is approaching our first support at 84.62 (Horizontal swing low support, 100% Fibonacci extension, 23.6% Fibonacci retracement, bullish channel support). A strong bounce might occur at this level, pushing price up to our major resistance at 87.78 (horizontal overlap resistance, 61.8%, 78.6% Fibonacci retracement, 61.8% Fibonacci extension). A breakout above our intermediate resistance at 86.04 (horizontal pullback resistance, 50%, 61.8% Fibonacci retracement) might provide the bullish acceleration to our major resistance level. Ichimoku cloud is also showing signs of bullish pressure, in line with our bullish bias.
RSI (55) is also approaching and a bounce off this level might be a good precursor for a potential rise in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
RSI (55) is also approaching and a bounce off this level might be a good precursor for a potential rise in price.
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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