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

Price holding below descending trendline resistance. A further drop below 1st resistance at 84.674 towards 1st support at 84.383 can be expected. Price also broke below longer term ascending trendline support (turned resistance).

Trading Recommendation

Entry: 84.674

Reason for Entry:

61.8% Fibonacci retracement, descending trendline resistance

Take Profit: 84.383

Reason for Take Profit:

-27.20% Fibonacci retracement

Stop Loss: 84.791

Reason for Stop Loss:

Graphical swing high