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kwaziphungula
Dec 27, 2015 1:57 PM

CADJPY : Long Opportunity Long

Canadian Dollar/Japanese YenFXCM

Description

A confluence of Fibonacci and support line around a harmonic pattern spells a long opportunity. The price may try to reach a Fibonacci level of 127.2% at 85.76 but fail since it is seriously oversold. For those who can't wait for the formation to complete as indicated on the chart, wait for at least 87.5 to break set stop a few pips below 85.76
Comments
kwaziphungula
Unfortunately 87.5 never got triggered for a long position but it's interesting to note how the red support line held as a resistance once it got broken. If it gets broken in the future you can be a sure that the blue resistance line will be there to hold it back.
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