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05.03.202111:54 Forex Analysis & Reviews: CADJPY facing bullish pressure, potential for further upside!

Exchange Rates 05.03.2021 analysis

Price is facing bullish pressure as it continues to hold above both the Ichimoku cloud and ascending trendline support, in line with our bullish bias. We could potentially see a bounce at our 1st support level at 84.867, which is in line with our 61.8% Fibonacci retracement and 161.8% Fibonacci extension, and a further rise towards our 1st resistance level at 85.542, which is in line with our 61.8% Fibonacci extension and horizontal swing high resistance.

Trading Recommendation

Entry: 84.867

Reason for Entry:

61.8% Fibonacci retracement, 161.8% Fibonacci extension and horizontal pullback support

Take Profit: 85.542

Reason for Take Profit:

61.8% Fibonacci extension and horizontal swing high resistance

Stop Loss: 84.441

Reason for Stop Loss:

61.8% Fibonacci retracement, 78.6% Fibonacci extension and horizontal swing low support

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Dean Leo,
Analytical expert
InstaForex Group © 2007-2021
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