BEARISH Rejection From CADJPY...What to expect?
From our previous analysis, we expected a 80.40 BEARISH movement before potentially seeing 61.8 fib level BEARISH movement. After this analysis, we managed to see CADJPY retesting 80.40 resistance level and what we managed to see is a clean rejection to the downside. I will be expecting price level of CADJPY to move to the 50.0 fib level minimally and potential reject to the upside can signal a possible breakout of the resistance level for CADJPY. However, as of now, I am leaning towards a continuous BEARISH movement to 77.93 support level. As of now, a short opportunity is viable till 50.0 fib level. If you plan to hold till 77.93 do watch out for potential rejection which may signal for immediate exit of the trade.
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