FX.co ★ CADJPY approaching descending trendline, potential for reversal!

Price is holding below both the descending trendline and moving average resistances, showing signs of bearish pressure in line with our analysis. We could see a reversal at 1st resistance, in line with 61.8% Fibonacci retracement, 78.6% Fibonacci extension and horizontal swing high resistance, and further drop towards 1st support, in line with 100% Fibonacci extension and horizontal swing low support.

Trading Recommendation

Entry: 90.625

Reason for Entry:

61.8% Fibonacci retracement, 78.6% Fibonacci extension and horizontal swing high resistance

Take Profit: 90.326

Reason for Take Profit:

100% Fibonacci extension and horizontal swing low support

Stop Loss: 90.786

Reason for Stop Loss:

161.8% Fibonacci extension and horizontal swing high resistance