CADJPY Testing Major Support, Prepare For A Bounce
CADJPY is starting to show signs of a major reversal, time to start buying.
Buy above 80.58. Stop loss at 79.60. Take profit at 83.46.
Reason for the trading strategy (technically):
Price is seeing major support above 80.58 (Fibonacci extension, major 2 year swing low, Elliott wave structure, bullish divergence) and a strong bounce could occur at this level to push prices all the way up to 83.46 resistance (Fibonacci retracement, horizontal swing high resistance).
Stochastic (89,5,3) is seeing major support above 1.4% where a corresponding bounce could occur. We’re also seeing bullish divergence vs price signalling that a bounce is impending.
Buy above 80.58. Stop loss at 79.60. Take profit at 83.46.
Reason for the trading strategy (technically):
Price is seeing major support above 80.58 (Fibonacci extension, major 2 year swing low, Elliott wave structure, bullish divergence) and a strong bounce could occur at this level to push prices all the way up to 83.46 resistance (Fibonacci retracement, horizontal swing high resistance).
Stochastic (89,5,3) is seeing major support above 1.4% where a corresponding bounce could occur. We’re also seeing bullish divergence vs price signalling that a bounce is impending.