CADJPY reversing from major resistance, potential for a big drop
CADJPY is reversing nicely from our major resistance level at 82.73 (Fibonacci retracement, Fibonacci extension, horizontal overlap resistance, bearish divergence) and a strong drop could occur from here. We’re seeing intermediate support at 82.40 (horizontal overlap support, Fibonacci retracement) which needs to be broken to trigger a bigger drop down to major support at 81.33 (Fibonacci retracement, Fibonacci extension, horizontal overlap support).
Stochastic (34,5,3) is seeing major resistance below 97% where a corresponding reaction could occur. We can also see bearish divergence vs price signalling that a reversal is impending.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
Stochastic (34,5,3) is seeing major resistance below 97% where a corresponding reaction could occur. We can also see bearish divergence vs price signalling that a reversal is impending.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
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