CADJPY approaching ascending trendline resistance! Potential drop from here!

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CADJPY approaching ascending trendline resistance! Potential drop from here!

CADJPY approaching ascending trendline resistance! Potential drop from here!

CADJPY approaching ascending trendline resistance! Potential drop from here!

CADJPY coming to test ascending channel resistance and 1st resistance at 80.043. With stochastics testing resistance where price dropped in the past, a short term drop towards 1st support at 79.696 can be expected as well.

Trading Recommendation

Entry: 80.043

Reason for Entry:

Ascending trendline resistance

Take Profit : 79.696

Reason for Take Profit:

38.2% fib retracement

Stop Loss: 80.274

Reason for Stop loss:

-27.2% Fib retracement

The material has been provided by InstaForex Company – www.instaforex.com

Source : https://www.mt5.com/forex_analysis/quickview/190787/