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CAD/JPY Bounced Off Support, Prepare For A Further Rise

CAD/JPY bounced nicely off its support at 0.7159 (61.8% Fibonacci extension, 61.8% Fibonacci retracement, horizontal swing low support) where it could potentially bounce to its resistance at 86.13 (61.8% Fibonacci extension, 38.2% Fibonacci retracement, horizontal pullback resistance).

Stochastic (89, 5, 3) is bounced off its support at 2.3% where a corresponding rise could occur.

CAD/JPY bounced nicely off its support where we expect to see a further rise.

Buy above 85.67. Stop loss at 85.33. Take profit at 86.13.

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