FX.co ★ CADJPY facing bearish pressure, drop incoming!

Price is facing bearish pressure as it holds under 1st resistance at 87.341 in line with 61.8% Fibonacci retracement and 23.6% Fibonacci extension . Price may bearish towards the 1st support at 85.886 in line with 50% Fibonacci retracement and 38.2% Fibonacci extension . Our bearish view is further supported by how price is holding below the EMA and MACD is shown to be holding below the 0 line. Otherwise price may continue to bullish towards 2nd resistance at 87.890 in line with horizontal swing high and 38.2% Fibonacci extension .

Trading Recommendation

Entry: 87.341

Reason for Entry:

61.8% Fibonacci retracement and 23.6% Fibonacci extension

Take Profit: 85.886

Reason for Take Profit:

50% Fibonacci retracement and 38.2% Fibonacci extension

Stop Loss: 87.890

Reason for Stop Loss:

Horizontal swing high and 38.2% Fibonacci extension