CADJPY facing bearish pressure, drop incoming!

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CADJPY is holding below 1st resistance at 88.318 in line with Horizontal swing high and 61.8% Fibonacci extension and may bearish towards 1st support at 86.838 in line Horizontal swing low and 61.8% Fibonacci extension. Our bearish is further supported by how RSI is reacting below the resistance where price dropped in the past. Otherwise price may bullish towards 2nd resistance at 88.752 in line with -27.2% Fibonacci retracement and 76.4% Fibonacci extension.

Trading Recommendation

Entry: 88.318

Reason for Entry:

Horizontal swing high and 61.8% Fibonacci extension

Take Profit: 86.838

Reason for Take Profit:

Horizontal swing low and 61.8% Fibonacci extension

Stop Loss: 88.752

Reason for Stop Loss:

-27.2% Fibonacci retracement and 76.4% Fibonacci extension.

The material has been provided by InstaForex Company - www.instaforex.com

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