FX.co ★ CADJPY facing bearish pressure

Price may retrace from 1st resistance at 88.718 at 61.8% Fibonacci extension and 127.2% Fibonacci retracement towards the 1st support at 86.577 in line with 78.6% Fibonacci extension. Otherwise price may rise to 2nd resistance at 89.130 in line with 78.6% Fibonacci extension.

Trading Recommendation

Entry: 88,718

Reason for Entry:

61.8% Fibonacci extension and 127.2% Fibonacci retracement

Take Profit: 86.577

Reason for Take Profit:

78.6% Fibonacci extension

Stop Loss: 89.130

Reason for Stop Loss:

78.6% Fibonacci extension

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