FX.co ★ CADJPY is approaching key support, potential bounce!

Price is approaching our first support at 86.577, which is in line with our 78.6% Fibonacci extension. It could potentially bounce from first support and rise further to first resistance at 88.718, in line with our 61.8% Fibonacci extension and 127.2% Fibonacci retracement.

Trading Recommendation

Entry: 86.577

Reason for Entry:

78.6% Fibonacci extension

Take Profit: 88.718

Reason for Take Profit:

61.8% Fibonacci extension and 127.2% Fibonacci retracement.

Stop Loss: 85.564

Reason for Stop Loss:

Horizontal Swing Low