empty
 
 
22.09.2021 07:52 AM
CADJPY short-term bullish bounce | 22nd Sep 2021

This image is no longer relevant

Price is holding below the descending trendline resistance, however we are expecting price to be making a short-term bullish bounce as price is seen to bounce off the weekly overlap support. We can expect price to push past 1st support and ride the bullish momentum towards the 1st resistance in line with 61.8% Fibonacci projection and descending trendline resistance. Our short-term bullish bias is further supported by the stochastic indicator %D line where it bounced off the support level.

Trading Recommendation

Entry: 85.953

Reason for Entry:

50% Fibonacci retracement

Take Profit: 86.999

Reason for Take Profit:

Horizontal swing low

Stop Loss: 84.760

Reason for Stop Loss:

78.6% Fibonacci projection

Dean Leo,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In June we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback