CADJPY facing bullish pressure, potential for bounce!

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Prices are facing bullish pressure from ascending trendline support and horizontal swing low support in line with 100% Fibonacci extension and 61.8% Fibonacci retracement. Prices might push up towards -61.8% FIbonacci retracement and 127.2% Fibonacci extension. If prices push downwards, prices might take support from horizontal support in line with 50% Fibonacci retracement and 161.8% Fibonacci extension. EMA is also below prices, showing a bullish pressure for prices.

Trading Recommendation

Entry: 88.998

Reason for Entry:

Ascending trendline support, horizontal swing low support,61.8% Fibonacci retracement, 100% Fibonacci extension

Take Profit: 89.353

Reason for Take Profit:

-61.8% Fibonacci retracement, 127.2% Fibonacci extension

Stop Loss: 88..837

Reason for Stop Loss:

Horizontal swing low support, 50% Fibonacci retracement, 161.8% Fibonacci extension

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

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