FX.co ★ CADJPY looking for short term rise above trendline!

Description:

Price holding above both moving average and ascending trendline support. A further push up above 1st support at 80.487 towards 1st resistance at 81.070 can be expected.

Trading Recommendation

Entry: 80.487

Reason for Entry:

Ascending trendline support, 38.2% Fibonacci retracement

Take Profit: 81.070

Reason for Take Profit:

-27.2% Fibonacci retracement

Stop Loss: 80.292

Reason for Stop Loss:

61.8% Fibonacci retracement