CADJPY bearish momentum | 29th Oct 2021

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Price is abiding to the descending trendline resistance, signifying an overall bearish trend. We can expect price to drop from 1st resistance in line with 38.2% Fibonacci retracement and 78.6% Fibonacci projection towards the 1st support in line with 78.2% Fibonacci projection. Our bearish bias is further supported by the RSI indicator abiding to the descending trendline resistance.

Trading Recommendation

Entry: 92.030

Reason for Entry:

38.2% Fibonacci retracement and 78.6% Fibonacci projection

Take Profit: 91.672

Reason for Take Profit:

78.2% Fibonacci projection

Stop Loss: 92.260

Reason for Stop Loss:

127.2% Fibonacci projection

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

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