FX.co ★ CADJPY approaching recent swing low! Bounce incoming

CADJPY is approaching recent swing low support and 1st support at 89.862. A short term bounce reaction above this level towards 1st resistance and descending trendline resistance at 90.117. Stochastic is testing support where price bounced in the past as well.

Trading Recommendation

Entry: 89.862

Reason for Entry:

Graphical swing low

Take Profit: 90.117

Reason for Take Profit:

50% Fibonacci extension and descending trendline resistance

Stop Loss: 89.725

Reason for Stop Loss:

-27.2% Fibonacci retracement