CAD/JPY Reversed Off Resistance, Prepare For Further Drop

CAD/JPY reversed off its resistance at 85.44 (100% Fibonacci extension, 61.8% Fibonacci retracement, horizontal overlap resistance) where it is expected to drop further to its support at 84.56 (50% Fibonacci retracement, horizontal swing low support). Stochastic (55, 5, 3) reversed off its resistance at 96% where a corresponding drop is expected.

CAD/JPY reversed off its resistance where we expect to see a further drop.

Sell below 85.44. Stop loss at 85.71. Take profit at 84.56.

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