Will either test out R1 or R2. Can be expecting bears to take over very soon. Speculation of US tariffs will also have significant impact on JPY price movements.
Nice idea on CADJPY and there may be bearish potential as you have identified. However, I have identified a resistance level at 87.458, which the price may test before potentially seeing a reversal for the short opportunity. It is at a similar level of your 2nd resistance that you have identified. It is a horizontal swing low support, with a 61.8% Fibonacci extension and 38.2% retracement. Stochastic is approaching its resistance at 96% where a corresponding reversal may occur. If a potential reversal does happen, we can then keep a close eye on the horizontal overlap support at 86.23, with a 38.2% Fibonacci retracement. Looking forward to seeing how things develop.
Please have a look at my idea and share with me what you think.
Please have a look at my idea and share with me what you think.