CADJPY approaching resistance, potential drop!

FX:CADJPY   Canadian Dollar / Japanese Yen
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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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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