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Olymp_Trade
Sep 17, 2019 3:49 PM

CAD/JPY Bulls fail to break resistance 5 times Short

Canadian Dollar/Japanese YenFXCM

Description

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).
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