FX.co ★ CADJPY holding below descending trendline resistance, drop expected!

CADJPY holding below both descending trendline resistance and moving average. MACD below 0, within bearish environment as well. A further drop below 78.571 towards 1st support at 78.271 can be expected.

Trading Recommendation

Entry: 78.571

Reason for Entry:

Graphical overlap

Take Profit : 78.271

Reason for Take Profit:

-27.2% fib retracement

Stop Loss: 78.789

Reason for Stop loss:

38.2% fib retracement, Descending trendline resistance, moving average