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CADJPY approaching support, potential bounce!
CADJPY is approaching our first support at 84.54 (horizontal swing low support, 23.6% Fibonacci retracement) which coincides with our short term ascending support line. A strong bounce might occur above this level, pushing price up to our major resistance at 85.75 (horizontal swing high resistance, 100% Fibonacci retracement).
Stochastic is also seeing a bullish divergence and is bouncing off support where we might see a corresponding rise in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
Stochastic is also seeing a bullish divergence and is bouncing off support where we might see a corresponding rise in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
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