FX.co ★ CADJPY reacting below descending trendline, potential for a further drop!

Price holding below descending trendline resistance. MACD looking to cross below 0 as well showing a build up of bearish momentum. A drop below 1st resistance at 80.691 towards 1st support at 80.395 can be expected.

Trading Recommendation

Entry: 80.691

Reason for Entry:

Descending trendline resistance, 38.2% Fibonacci retracement

Take Profit: 80.395

Reason for Take Profit:

-27.2% Fibonacci retracement

Stop Loss: 80.821

Reason for Stop Loss:

61.8% Fibonacci retracement