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08.09.2020 01:37 PM
CADJPY approaching support, potential bounce!

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Price is approaching our first support in line with our ascending trend line, 78.6% fibonacci extension, 127.2% and 61.8% fibonacci retracement and horizontal pullback support where we could see a bounce above this level.

Trading Recommendation

Entry: 80.927

Reason for Entry:

ascending trend line, 78.6% fibonacci extension, 127.2% and 61.8% fibonacci retracement and horizontal pullback support

Take Profit: 81.244

Reason for Take Profit:

Horizontal swing high resistance, 61.8% fibonacci retracement

Stop Loss: 80.800

Reason for Stop Loss:

Horizontal swing low support, 100% fibonacci extension

Dean Leo,
Analytical expert of InstaForex
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