CADJPY is approaching resistance, potential reversal!

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CADJPY is approaching resistance, potential reversal!

CADJPY is approaching resistance, potential reversal!

CADJPY is approaching resistance, potential reversal!

Price is approaching our first resistance, in line with our trend line, horizontal pullback resistance, 76.4% fibonacci retracement and 127.2% fibonacci extension where we could see a reversal below this level.

Trading Recommendation

Entry: 80.956

Reason for Entry:

trend line, horizontal pullback resistance, 76.4% fibonacci retracement and 127.2% fibonacci extension

Take Profit: 79.963

Reason for Take Profit:

Horizontal swing low support, 61.8% fibonacci extension

Stop Loss: 81.436

Reason for Stop Loss:

Horizontal swing high resistance

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

Source : https://www.mt5.com/forex_analysis/quickview/187379/