FX.co ★ CAD/JPY bounced off its key support where we expect to see a further rise!

Price bounced off its support 82.67 where we expect it to rise further to its resistance at 83.49. Stochastic has bounced off near its support as well. A bullish divergence with price has been identified, which adds to our bullish bias.

Entry : 82.18

Why it's good : horizontal overlap support, l61.8% fibonacci retracement, 61.8% fibonacci extension

Stop Loss : 82.18

Why it's good : 78.6% Fibonacci retracement

Take Profit : 83.49

Why it's good : horizontal pullback resistance, 50% fibonacci retracement