FX.co ★ CADJPY holding below descending trendline resistance, drop expected!

CADJPY holding below both descending trendline resistance and moving average. A further drop below 78.843 towards 1st support at 78.373 can be expected.

Trading Recommendation

Entry: 78.843

Reason for Entry:

61.8% fib retracement, Descending trendline resistance, moving average

Take Profit : 78.373

Reason for Take Profit:

-61.8% fib retracement, 127.20% Fib extension, recent swing low

Stop Loss: 78.789

Reason for Stop loss:

78.6% fib retracement, recent swing high