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08.10.2020 01:24 PM
CADJPY approaching ascending trendline resistance! Potential drop from here!

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CADJPY coming to test ascending channel resistance and 1st resistance at 80.043. With stochastics testing resistance where price dropped in the past, a short term drop towards 1st support at 79.696 can be expected as well.

Trading Recommendation

Entry: 80.043

Reason for Entry:

Ascending trendline resistance

Take Profit : 79.696

Reason for Take Profit:

38.2% fib retracement

Stop Loss: 80.274

Reason for Stop loss:

-27.2% Fib retracement

Dean Leo,
Analytical expert of InstaForex
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