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21.01.202112:51 Forex Analysis & Reviews: CADJPY approaching ascending trendline support. Potential for a bounce!

Exchange Rates 21.01.2021 analysis

Price is approaching the ascending trendline support and also 1st support at 81.876, which is in line with our 38.2% Fibonacci retracement and 78.6% Fibonacci extension. We could potentially see a bounce at this level and further rise up towards 1st resistance at 82.124, which is in line with our 61.8% Fibonacci extension. It's worth noting that the price is facing bullish pressure from the Ichimoku cloud as well, in line with our analysis.

Trading Recommendation

Entry: 81.876

Reason for Entry:

38.2% Fibonacci retracement, 78.6% Fibonacci extension and horizontal swing low support

Take Profit: 82.124

Reason for Take Profit:

61.8% Fibonacci extension and horizontal swing high resistance

Stop Loss: 81.677

Reason for Stop Loss:

61.8% Fibonacci retracement, 161.8% Fibonacci extension and horizontal overlap support.

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