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22.04.202112:34 : Daily Video Analysis: CADJPY facing bearish pressure, potential for further drop!

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Today we take a look at CADJPY. Combining advanced technical analysis methods such as Fibonacci confluence, correlation, market structure, oscillators and demand/supply zones, we identify high probability trading setups. Price is facing bearish pressure as it holds under descending trendline resistance, where we could see a reversal at sell entry level, in line with 78.6% Fibonacci retracement, and further downside towards take profit levels, which are in line with 61.8% Fibonacci retracement and horizontal swing low support respectively. Stochastics is also showing signs of bearish pressure as it has reversed from the upper level where it has reacted at before.

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: Dean Leo
© 2007-2021

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USD/CAD
USDCAD 1,33054,
:
05:56 2020-02-26 UTC--6
20488
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