CADJPY is holding under the descending trendline resistance, showing a bearish momentum. Price is expected to push downwards towards the 1st support in line with the 61.8% Fibonacci extension and 78.6% Fibonacci retracement. Our bearish bias is further supported by the price holding below the Ichimoku cloud.
Trading Recommendation
Entry: 87.107
Reason for Entry:
23.6% Fibonacci retracement and resistance of descending trendline
Take Profit: 85.421
Reason for Take Profit:
61.8% Fibonacci extension and 78.6% Fibonacci retracement
Stop Loss: 87.888
Reason for Stop Loss:
78.6% Fibonacci retracement and 100% Fibonacci extension
