FX.co ★ CADJPY facing bearish pressure

CADJPY is holding under the descending trendline resistance, showing a bearish momentum. Price is expected to push downwards towards the 1st support in line with the 61.8% Fibonacci extension and 78.6% Fibonacci retracement. Our bearish bias is further supported by the price holding below the Ichimoku cloud.

Trading Recommendation

Entry: 87.107

Reason for Entry:

23.6% Fibonacci retracement and resistance of descending trendline

Take Profit: 85.421

Reason for Take Profit:

61.8% Fibonacci extension and 78.6% Fibonacci retracement

Stop Loss: 87.888

Reason for Stop Loss:

78.6% Fibonacci retracement and 100% Fibonacci extension