CADJPY facing pressure from 1st resistance, further drop expected !

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CADJPY facing pressure from 1st resistance, further drop expected !

CADJPY facing pressure from 1st resistance, further drop expected !

CADJPY facing pressure from 1st resistance, further drop expected !

CADJPY reacting below descending trendline resistance and moving average. A further drop below 1st resistance at 79.554 towards 1st support at 79.221 can be expected..

Trading Recommendation

Entry: 79.554

Reason for Entry:

Graphical overlap

Take Profit : 79.221

Reason for Take Profit:

-61.8% fib retracement

Stop Loss: 79.725

Reason for Stop loss:

38.2% fib retracement, descending trendline resistance, moving average resistance

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

Source : https://www.mt5.com/forex_analysis/quickview/188237/