CADJPY approaching major support, prepare to buy
Buy above 88.49. Stop loss at 88.19. Take profit at 89.20.
Reason for the trading strategy (technically):
Price is approaching major pullback support at 88.49 (Fibonacci retracement, horizontal pullback support) and we are expecting price to test this level before bouncing off nicely to continue its bullish channel exit potential to 89.20 (Fibonacci retracement, Fibonacci extension, horizontal swing high resistance).
RSI 934) is seeing a pullback to support level signalling that we could be seeing a bounce soon.
Reason for the trading strategy (technically):
Price is approaching major pullback support at 88.49 (Fibonacci retracement, horizontal pullback support) and we are expecting price to test this level before bouncing off nicely to continue its bullish channel exit potential to 89.20 (Fibonacci retracement, Fibonacci extension, horizontal swing high resistance).
RSI 934) is seeing a pullback to support level signalling that we could be seeing a bounce soon.