Potential bounce on weakness!

٦ أبريل ٢٠١٨

CADJPY could potentially drop to its major support at 83.438 (100% Fibonacci extension, 50% Fibonacci retracement, 23.6% Fibonacci retracement x2, horizontal pullback support) where a potential bounce might occur, pushing price back up to its resistance at 84.818 (50% Fibonacci retracement, 38.2% Fibonacci retracement, horizontal swing high resistance). However, we have also identified an intermediate resistance at 84.267 (100% Fibonacci extension). Another support has also been identified at 82.630 (61.8% Fibonacci retracement, 50% Fibonacci retracement, horizontal overlap support).

RSI (89) is being held by an ascending support line which contributes to our bullish bias.