CADJPY reacting below descending trendline resistance! Drop incoming!

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CADJPY reacting below descending trendline resistance. A short term drop below our 1st resistance at 86.606 towards 1st support at 86.351 could be possible. Technical indicators are showing room for further bearish momentum as well.

Trading Recommendation

Entry: 86.606

Reason for Entry:

61.8% Fibonacci retracement, Descending trendline resistance

Take Profit: 86.351

Reason for Take Profit:

61.8% Fibonacci retracement

Stop Loss: 86.748

Reason for Stop Loss:

78.6% Fibonacci retracement

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

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