FX.co ★ CADJPY below descending trendline resistance! Further drop incoming!

Price holding below descending trendline resistance and also testing moving average resistance. A short term drop below 1st resistance at 82.443 towards 1st support at 82.272 can be expected.

Trading Recommendation

Entry: 82.443

Reason for Entry:

76.4% Fibonacci retracement, descending trendline resistance

Take Profit: 82.272

Reason for Take Profit:

38.2% Fibonacci retracement

Stop Loss: 82.625

Reason for Stop Loss:

Recent swing high