FX.co ★ CADJPY short burst of bullish momentum

Price has just bounced off the 1st support in line with the 61.8% and 78.6% Fibonacci extension . Price is expected to rise up to the 1st Resistance in line with the 100% Fibonacci extension . This short term bullish bias is further supported by the price holding above the EMA 21 period and price is still holding above the ascending trendline support of the weekly chart.

Trading Recommendation

Entry: 86.877

Reason for Entry:

78.6% Fibonacci extension

Take Profit: 88.463

Reason for Take Profit:

61.8% Fibonacci retracement

Stop Loss: 84.672

Reason for Stop Loss:

61.8% and 78.6% Fibonacci extension