CADJPY is approaching recent swing low support and 1st support at 89.862. A short term bounce reaction above this level towards 1st resistance and descending trendline resistance at 90.117. Stochastic is testing support where price bounced in the past as well.
Trading Recommendation
Entry: 89.862
Reason for Entry:
Graphical swing low
Take Profit: 90.117
Reason for Take Profit:
50% Fibonacci extension and descending trendline resistance
Stop Loss: 89.725
Reason for Stop Loss:
-27.2% Fibonacci retracement
The material has been provided by InstaForex Company – www.instaforex.com
CADJPY is approaching recent swing low support and 1st support at 89.862. A short term bounce reaction above this level towards 1st resistance and descending trendline resistance at 90.117. Stochastic is testing support where price bounced in the past as well.
Trading Recommendation
Entry: 89.862
Reason for Entry:
Graphical swing low
Take Profit: 90.117
Reason for Take Profit:
50% Fibonacci extension and descending trendline resistance
Stop Loss: 89.725
Reason for Stop Loss:
-27.2% Fibonacci retracement
The material has been provided by InstaForex Company – www.instaforex.com
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