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FX.co ★ CADJPY facing bullish pressure, potential for bounce!

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Forex Analysis:::2021-05-03T08:06:10

CADJPY facing bullish pressure, potential for bounce!

 CADJPY facing bullish pressure, potential for bounce!

Prices are facing bullish pressure from ascending trendline support and horizontal swing low support in line with 100% Fibonacci extension and 61.8% Fibonacci retracement. Prices might push up towards -61.8% FIbonacci retracement and 127.2% Fibonacci extension. If prices push downwards, prices might take support from horizontal support in line with 50% Fibonacci retracement and 161.8% Fibonacci extension. EMA is also below prices, showing a bullish pressure for prices.

Trading Recommendation

Entry: 88.998

Reason for Entry:

Ascending trendline support, horizontal swing low support,61.8% Fibonacci retracement, 100% Fibonacci extension

Take Profit: 89.353

Reason for Take Profit:

-61.8% Fibonacci retracement, 127.2% Fibonacci extension

Stop Loss: 88..837

Reason for Stop Loss:

Horizontal swing low support, 50% Fibonacci retracement, 161.8% Fibonacci extension

Analyst InstaForex
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