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Canadian Dollar / Japanese Yen
Long

CADJPY on major support, prepare for a bounce!

By Tickmill
Broker

CADJPY is now testing major support at 88.50 (61.8% Fibonacci retracement, 61.8% Fiboancci extension, horizontal overlap support) and a strong bounce could occur at this level to push price up towards 90.37 resistance (61.8% Fibonacci retracement). We are seeing intermediate resistance at 89.65 (38.2% Fibonacci retracement) too.

Stochastic (34,5,3) is also seeing major support at 2.2% where multiple bounces occurred previously. A potential corresponding bounce could occur at this level too.

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Tickmill
Broker
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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