26.04.202109:52 Forex Analysis & Reviews: 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 holding below descending trendline resistance, and RSI is holding below descending trendline resistance as well, which shows bearish pressure in line with our bearish bias. We could see a reversal at sell entry level, in line with 76.4% Fibonacci retracement, and further downside towards our take profit levels, in line with 61.8% Fibonacci retracement and horizontal swing low support levels.

*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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