CADJPY is approaching its resistance, potential for a drop!

4 באפר׳ 2018

CADJPY is approaching its resistance at 83.555 (100% Fibonacci extension x2, horizontal swing high resistance) where a reaction could happen, causing price to fall to its 1st support at 82.689 (38.2% Fibonacci retracement x2, 23.6% Fibonacci retracement x2, horizontal pullback support). If it breaks past this support, it could fall to its next support at 81.633 (61.8% Fibonacci extension, 61.8% Fibonacci retracement, horizontal swing low support). We have also identified another resistance at 84.768 (38.2% Fibonacci retracement, horizontal swing high resistance).
Stochastic (55, 5, 3) is testing its resistance at 98.4% where a corresponding reaction could occur.