FX.co ★ CADJPY facing bearish pressure

Price is holding below the descending trendline resistance showing a bearish momentum. We are expecting time to push downwards to the 1st support in line with the 61.8% Fibonacci projection and ascending trendline support on the daily chart. Our short term bearish bias is further supported by the price holding below the Ichimoku cloud and 50Period MA.

Trading Recommendation

Entry: 86.525

Reason for Entry:

50% Fibonacci retracement and 61.8% Fibonacci projection

Take Profit: 85.454

Reason for Take Profit:

61.8% Fibonacci projection

Stop Loss: 87.875

Reason for Stop Loss:

23.6% Fibonacci retracement and 78.6%Fibonacci projection