MEX_Exchange
Short

CADJPY testing major resistance, prepare to sell

FX:CADJPY   Kanadischer Dollar/Japanischer Yen
Sell below 87.82. Stop loss at 88.38. Take profit at 86.47.
Reason for the trading strategy (technically):
Price is testing major resistance at 87.82 ( Fibonacci retracement , horizontal pullback resistance, Fibonacci extension ) and we expect to see a strong reaction off this level to push price further down to 86.47 support ( Fibonacci extension , horizontal swing low support).
Stochastic (21,5,3) is also approaching major resistance at 95% where a corresponding reaction could occur.

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