Today we take a look at CADJPY. Combining advanced technical analysis methods such as Fibonacci confluence, correlation, market structure, oscillators and demand/supply zones, we identify high probability trading setups. Price is facing bearish pressure as it holds under descending trendline resistance, where we could see a reversal at sell entry level, in line with 78.6% Fibonacci retracement, and further downside towards take profit levels, which are in line with 61.8% Fibonacci retracement and horizontal swing low support respectively. Stochastics is also showing signs of bearish pressure as it has reversed from the upper level where it has reacted at before.
FX.co ★ Daily Video Analysis: CADJPY facing bearish pressure, potential for further drop!
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Daily Video Analysis: CADJPY facing bearish pressure, potential for further drop!
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade