FX.co ★ CADJPY reacting below descending trendline resistance. Drop incoming!

CADJPY reacting below descending trendline resistance. With price breaking below moving average, a short term drop below our 1st resistance at 90.882 towards recent swing low and 1st support at 90.528 could be expected.

Trading Recommendation

Entry: 90.882

Reason for Entry:

78.6% Fibonacci retracement, Descending trendline resistance

Take Profit: 90.528

Reason for Take Profit:

50% Fibonacci retracement, graphical swing low support

Stop Loss: 91.068

Reason for Stop Loss:

Graphical swing high