CAD/JPY reversed off its resistance at 85.50 (100% Fibonacci extension, 50% & 38.2% Fibonacci retracement, horizontal overlap resistance) where it is expected to drop further to its support at 84.99 (61.8% Fibonacci retracement, horizontal swing low support).

Stochastic (55, 5, 3) reversed off its resistance at 97% where a corresponding drop is expected. CAD/JPY reversed off its resistance where we expect to see a further drop.

Sell below 85.50. Stop loss at 85.83. Take profit at 84.99.

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

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Jeff Wecker
Jeff Wecker

Jeff Wecker, the inventor of Forex Forager, is a former member of the Chicago Board of Trade. There, Jeff learned his craft in the 30-year bond pit, trading against the world's best, and now has survived and prospered in the industry for the past 25 years. He took the unique knowledge he gained at the CBOT and transitioned it to online trading, where he traded FX, commodities, stock indices, and bonds – all using his unique 5 pip/tick risk system. Visit us at Global Fx Trading Group