FX.co ★ Daily Video Analysis: CADJPY facing bearish pressure, potential for further drop!

Today we take a look at CADJPY. Combining advanced technical analysis methods such as Fibonacci confluence, correlation, market structure, oscillators and demand/supply zones, we identify high probability trading setups. Price is facing bearish pressure as it holds under descending trendline resistance, where we could see a reversal at sell entry level, in line with 78.6% Fibonacci retracement, and further downside towards take profit levels, which are in line with 61.8% Fibonacci retracement and horizontal swing low support respectively. Stochastics is also showing signs of bearish pressure as it has reversed from the upper level where it has reacted at before.