FX.co ★ CADJPY facing bearish pressure, potential for further downside!

Price is facing bearish pressure from 61.8% Fibonacci extension and 78.6% Fibonacci retracement Fibonacci confluence area. Prices might push down towards horizontal pullback support in line with 127.2% Fibonacci retracement and 61.8% Fibonacci extension. If prices push up, prices might face resistance from horizontal swing high resistance in line with 78.6% Fibonacci extension and 61.8% Fibonacci retracement. EMA is also above prices, showing a bearish pressure for prices.

Trading Recommendation

Entry: 90.727

Reason for Entry:

61.8% Fibonacci extension, 78.6% Fibonacci retracement, descending trendline resistance

Take Profit: 90.365

Reason for Take Profit:

Horizontal pullback support, 127.2% Fibonacci retracement, 61.8% Fibonacci extension

Stop Loss: 90.897

Reason for Stop Loss:

Horizontal swing high resistance, 78.6% Fibonacci extension, 61.8% Fibonacci retracement