CADJPY is approaching our first resistance at 84.90 (horizontal pullback resistance, 23.6%, 50% Fibonacci retracement, 61.8% Fibonacci extension) where a strong drop might occur pushing price down to our major support at 83.58 (horizontal swing low support).
Stochastic (21,5,3) is also approaching resistance and seeing a bearish divergence where we might see a corresponding drop in price. Ichimoku cloud is also showing signs of bearish pressure in line with our bearish bias.
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Stochastic (21,5,3) is also approaching resistance and seeing a bearish divergence where we might see a corresponding drop in price. Ichimoku cloud is also showing signs of bearish pressure in line with our bearish bias.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results