CADJPY is testing our first resistance at 84.60 (horizontal overlap resistance, 61.8% Fibonacci retracement, 100% Fibonacci extension) which coincides with our short term descending resistance line. A strong reaction might occur below this level, pushing price down to our major support at 83989 (horizontal swing low support, 61.8% Fibonacci extension).
Stochastic (34,5,3) is also approaching our major resistance and a reaction off this level might see a corresponding drop in price.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
Stochastic (34,5,3) is also approaching our major resistance and a reaction off this level might see a corresponding drop in price.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.