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CADJPY SHORT

Short
Canadian Dollar / Japanese Yen (FX:CADJPY)  
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FX:CADJPY   Canadian Dollar / Japanese Yen
Trend Analysis Harmonic Patterns Technical Indicators CADJPY cadjpyshort Fibonacci Retracement Fibonacci Extension long-term tecnicalanalysis
3
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trendanalysis harmonicpatterns indicator cadjpy cadjpyshort fibonacciretracement fibonacciextension long-term tecnicalanalysis
What we can see in this chart is a bearish market structure for CADJPY. First of all, looking at the RSI index, CADJPY is overbought, therefore it is expected a decrease of the graph. Secondly, the line is continuing bouncing at an important resistance area, between 91 and 91.5, that corresponds also to a weekly Fibonacci level of 0.5 (that often represent a turning point). Finally, considering the movement from the bottom at 73.70 and tracking the Trend-Based Fibonacci extension, it can be seen that the line arrived at the level 1.68, usually a target area.

Stop Loss: 92.59 (strong resistance/support line)
Entry Price: now (91.200)
Take Profit: 86.280 (strong resistance/support line)

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