CADJPY approaching resistance, potential drop!

٢٣ يوليو ٢٠١٨

CADJPY is approaching our first resistance at 85.79 (horizontal overlap resistance, 61.8% fibonacci extension, 76.4% fibonacci retracement) where a strong reaction might occur below this level pushing price down to our major support at 82.33 (horizontal swing low support, 61.8%, 100% fibonacci extension, 76.4% fibonacci retracement). A breakout below our intermediate support at 83.29 (horizontal overlap support, 61.8% fibonacci retracement, 61.8% fibonacci extension).

Stochastic (89,5,3) is also approaching our resistance where we might see a corresponding drop in price should it react off this level.

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