FX.co ★ CAD/JPY Testing Resistance, Prepare For Reversal

The CAD/JPY pair is testing its resistance at 82.12(61.8% Fibonacci extension, 38.2% Fibonacci retracement, horizontal overlap resistance) where a reversal to its support at 79.98 (50% Fibonacci retracement) is expected.

Stochastic (55, 5, 3) has reversed off its resistance at 96% where a corresponding drop is anticipated.

CAD/JPY is testing its resistance where we expect to see a reversal.

Sell below 82.12. Stop loss at 83.55. Take profit at 79.98.