CADJPY approaching resistance, potential drop!
CADJPY is approaching our first resistance at 85.06 (horizontal overlap resistance, 50% Fibonacci retracement, 61.8% Fibonacci retracement) and a strong reaction might occur below this level pushing price down to our major support at 83.07 (horizontal swing low support, 61.8% Fibonacci retracement). Ichimoku cloud is also showing signs of bearish pressure in line with our bearish bias.
Stochastic (34,5,3) is also approaching resistance and we might see a potential drop in price should it react off this level.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
Stochastic (34,5,3) is also approaching resistance and we might see a potential drop in price should it react off this level.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.