FX.co ★ CADJPY facing bearish pressure, potential reversal. Drop Incoming!

Price is below our descending trendline resistance and may bearish from our 1st resistance at 86.986 in line with 38.2% Fibonacci retracement and 38.2 Fibonacci extension towards the 1st support at 85.886 in line with 50% Fibonacci retracement and 100% Fibonacci extension . Our bearish view is further supported by how price is holding below the EMA and MACD is shown to be holding below the 0 line. Otherwise price may continue to bullish towards 2nd resistance at 87.341 in line 61.8% Fibonacci retracement and 61.8% Fibonacci extension.

Trading Recommendation

Entry: 86.986

Reason for Entry:

38.2% Fibonacci retracement and 38.2% Fibonacci extension

Take Profit: 85.886

Reason for Take Profit:

50% Fibonacci retracement and 100% Fibonacci extension

Stop Loss: 87.341

Reason for Stop Loss:

61.8% Fibonacci retracement and 61.8% Fibonacci extension