CADJPY short-term bullish bounce | 22nd Sep 2021

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Price is holding below the descending trendline resistance, however we are expecting price to be making a short-term bullish bounce as price is seen to bounce off the weekly overlap support. We can expect price to push past 1st support and ride the bullish momentum towards the 1st resistance in line with 61.8% Fibonacci projection and descending trendline resistance. Our short-term bullish bias is further supported by the stochastic indicator %D line where it bounced off the support level.

Trading Recommendation

Entry: 85.953

Reason for Entry:

50% Fibonacci retracement

Take Profit: 86.999

Reason for Take Profit:

Horizontal swing low

Stop Loss: 84.760

Reason for Stop Loss:

78.6% Fibonacci projection

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

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