congshi
Short

Watch for Potential Cypher Pattern

FX:CADJPY   Canadian Dollar / Japanese Yen
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Nice idea on CADJPY and there may be bearish potential as you have identified. The 1st resistance that we have identified is at 86.69. It is a 61.8% Fibonacci extension , 50% Fibonacci retracement and a horizontal swing high resistance. Stochastic is approaching its resistance at 98.7% where a corresponding drop could occur. If a potential drop does occur, we may want to look at 85.83 support level. It is 50% Fibonacci retracement and a horizontal overlap support. Looking forward to see how things develop.

Please have a look at our idea and we would like to hear your thoughts


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