CADJPY approaching resistance, potential drop!

23 ก.ค. 2018

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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