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
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