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CADJPY approaching resistance, potential drop!

Short
Canadian Dollar / Japanese Yen (FX:CADJPY)  
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FX:CADJPY   Canadian Dollar / Japanese Yen
Trend Analysis Harmonic Patterns Chart Patterns CADJPY CAD jpy cadjpylong cadjpyshort Forex forextrading forexsignal
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trendanalysis harmonicpatterns chartpattern cadjpy cad jpy cadjpylong cadjpyshort forex forextrading forexsignal
CADJPY is approaching our first resistance at 84.90 (Horizontal overlap resistance, 61.8% fibonacci extension, 23.6%, 50% fiboancci retracement) and a strong drop might occur below this level pushing price down to our major support at 83.58 (horizontal swing low support).
Stochastic (89,5,3) is also approaching support and we might see a corresponding bounce in price should it react off this level. Ichimoku cloud is also in line with our bearish bias.
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This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
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