Tickmill
Short

CADJPY approaching resistance, potential drop!

FX:CADJPY   Canadian Dollar / Japanese Yen
CADJPY is approaching our first resistance at 84.90 (horizontal pullback resistance, 23.6%, 50% Fibonacci retracement , 61.8% Fibonacci extension ) where a strong drop might occur pushing price down to our major support at 83.58 (horizontal swing low support).
Stochastic (21,5,3) is also approaching resistance and seeing a bearish divergence where we might see a corresponding drop in price. Ichimoku cloud is also showing signs of bearish pressure in line with our bearish bias.
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Losses can exceed the initial investment so please ensure you fully understand the risks.
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This analysis is provided as general market commentary and does not constitute investment advice.
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