CADJPY holding below descending trendline resistance, drop expected!

CADJPY holding below both descending trendline resistance and moving average. A further drop below 79.14 towards 1st support at 78.822 can be expected.

Trading Recommendation

Entry: 79.134

Reason for Entry:

Graphical overlap

Take Profit : 78.822

Reason for Take Profit:

38.2% fib retracement

Stop Loss: 78.789

Reason for Stop loss:

61.8% fib retracement, Descending trendline resistance, moving average