CADJPY Reversed Off Resistance, Prepare For Further Drop
Sell below 85.45.
Stop loss at 85.97.
Take profit at 84.70.
Reason for the trading strategy (technically):
CADJPY reversed off its resistance at 85.45 (61.8% Fibonacci extension, 61.8% Fibonacci retracement, horizontal overlap resistance) where it is expected to drop further to its support at 84.70(50% Fibonacci retracement).
Stochastic (55, 5, 3) reversed off its resistance at 98% where a corresponding drop is expected. A bearish divergence has also been identified that contributes to our bearish bias.
Stop loss at 85.97.
Take profit at 84.70.
Reason for the trading strategy (technically):
CADJPY reversed off its resistance at 85.45 (61.8% Fibonacci extension, 61.8% Fibonacci retracement, horizontal overlap resistance) where it is expected to drop further to its support at 84.70(50% Fibonacci retracement).
Stochastic (55, 5, 3) reversed off its resistance at 98% where a corresponding drop is expected. A bearish divergence has also been identified that contributes to our bearish bias.