CAD/JPY Bulls fail to break resistance 5 times
4HTF CADJPY shows us the price attempted to break the strong area of resistance in a form of a trend line down that initiated at the end of 2018.
4HTF shows us a Death Cross, 1HTF shows price failed to breach the bottom of the Ichimoku Cloud.
Ideally, we want to see the price break and close below the 23.6% Fibo level which is acting and has acted in the past as a strong area of support and resistance at 81.408.
As a result:
Upon breaking this level down, our targets will become 80.986 (38.2% Fibo) followed by 80.645 (50% Fibo) and finally 80.303 (61.8% Fibo and recent support).
4HTF shows us a Death Cross, 1HTF shows price failed to breach the bottom of the Ichimoku Cloud.
Ideally, we want to see the price break and close below the 23.6% Fibo level which is acting and has acted in the past as a strong area of support and resistance at 81.408.
As a result:
Upon breaking this level down, our targets will become 80.986 (38.2% Fibo) followed by 80.645 (50% Fibo) and finally 80.303 (61.8% Fibo and recent support).