CADJPY Approaching Support, Prepare For A Bounce
Buy above 83.92.
Stop loss at 83.17.
Take profit at 85.11.
Reason for the trading strategy (technically):
CADJPY is approaching its support at 83.92 (100% & 61.8% Fibonacci extension, 61.8% Fibonacci retracement, horizontal overlap support) where price is expected to bounce up to its resistance at 85.11 (50% Fibonacci retracement, horizontal pullback resistance).
Stochastic (89, 5, 3) is approaching its support at 4% where a corresponding bounce is expected.
Stop loss at 83.17.
Take profit at 85.11.
Reason for the trading strategy (technically):
CADJPY is approaching its support at 83.92 (100% & 61.8% Fibonacci extension, 61.8% Fibonacci retracement, horizontal overlap support) where price is expected to bounce up to its resistance at 85.11 (50% Fibonacci retracement, horizontal pullback resistance).
Stochastic (89, 5, 3) is approaching its support at 4% where a corresponding bounce is expected.