CADJPY Testing Support, Prepare For A Bounce
Buy above 84.34.
Stop loss at 83.77.
Take profit at 85.34.
Reason for the trading strategy (technically):
CADJPY is approaching its support at 84.34 (61.8% Fibonacci extension, 50%, 76.4% Fibonacci retracement, horizontal overlap support) where price is expected to bounce up to its resistance at 85.34 (50% Fibonacci retracement, horizontal overlap resistance).
Stochastic (55, 5, 3) is testing its support at 3.6% where a corresponding bounce is expected.
Stop loss at 83.77.
Take profit at 85.34.
Reason for the trading strategy (technically):
CADJPY is approaching its support at 84.34 (61.8% Fibonacci extension, 50%, 76.4% Fibonacci retracement, horizontal overlap support) where price is expected to bounce up to its resistance at 85.34 (50% Fibonacci retracement, horizontal overlap resistance).
Stochastic (55, 5, 3) is testing its support at 3.6% where a corresponding bounce is expected.