FX.co ★ CAD/JPY is on major support, prepare for a bounce

CAD/JPY is seeing a strong support above 84.38 (Fibonacci retracement, horizontal overlap support, bullish divergence) and a strong bounce could occur at this level to push prices all the way up to our profit target level at 85.20 (Fibonacci retracement, horizontal overlap resistance).RSI (55) sees strong bullish divergence vs price signalling that a bounce is impending.

CAD/JPY is seeing a really good opportunity for a bounce.

Buy above 84.38. Set stop loss at 83.81 and take profit at 85.20.

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