FX.co ★ CADJPY is facing bearish pressure, potential for further drop!

Price is facing bearish pressure from our first resistance, in line with our descending trend line, 23.6% fibonacci retracement, 100%, 78.6% fibonacci extension and horizontal pullback resistance where we could see a reversal below this level to our first support level. The 20 period EMA and Ichiomku cloud are showing signs of bearish pressure in line with our bearish bias.

Trading Recommendation

Entry: 79.092

Reason for Entry:

23.6% fibonacci retracement, 100%, 78.6% fibonacci extension and horizontal pullback resistance

Take Profit: 77.641

Reason for Take Profit:

Horizontal swing low support

Stop Loss: 79.666

Reason for Stop Loss:

38.2% fibonacci retracement, horizontal swing high resistance