CAD/JPY Reversed Off Resistance, Prepare For Further Drop

CAD/JPY 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 (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.

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

Sell below 85.45. Stop loss at 85.97. Take profit at 84.70.

analytics5b98815411019.png

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