CADJPY approaching resistance, potential drop!

23 ביולי 2018

CADJPY is approaching our first resistance at 85.79 (horizontal overlap resistance, 61.8% fibonacci extension, 76.4% fibonacci retracement) where a strong reaction might occur below this level pushing price down to our major support at 82.33 (horizontal swing low support, 61.8%, 100% fibonacci extension, 76.4% fibonacci retracement). A breakout below our intermediate support at 83.29 (horizontal overlap support, 61.8% fibonacci retracement, 61.8% fibonacci extension).

Stochastic (89,5,3) is also approaching our resistance where we might see a corresponding drop in price should it react off this level.

Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks