CADJPY seeing major resistance!

22 Des 2017

Price is starting to see major resistance below 89.24 (50% Fibonacci retracement, 61.8% Fibonacci retracement, 78.6% Fibonacci retracement, horizontal swing high resistance, bearish price action) and a strong reaction could occur at this level to drive price down to 88.52 support (Fibonacci retracement, horizontal pullback support). Our next major level of resistance is at 89.71 (Fibonacci retracement, horizontal swing high resistance).

Stochastic (34,5,3) is dropping nicely below our 100% resistance level and shows good downside potential.

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