CADJPY facing bearish pressure, potential reversal. Drop Incomin
Price is below our descending trendline resistance and may bearish from our 1st resistance at 86.986 in line with 38.2% Fibonacci retracement and 38.2 Fibonacci extension towards the 1st support at 85.886 in line with 50% Fibonacci retracement and 100% Fibonacci extension. Our bearish view is further supported by how price is holding below the EMA and MACD is shown to be holding below the 0 line. Otherwise price may continue to bullish towards 2nd resistance at 87.341 in line 61.8% Fibonacci retracement and 61.8% Fibonacci extension.
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Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.
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