Potential bounce on weakness!
CADJPY could potentially drop to its major support at 83.438 (100% Fibonacci extension, 50% Fibonacci retracement, 23.6% Fibonacci retracement x2, horizontal pullback support) where a potential bounce might occur, pushing price back up to its resistance at 84.818 (50% Fibonacci retracement, 38.2% Fibonacci retracement, horizontal swing high resistance). However, we have also identified an intermediate resistance at 84.267 (100% Fibonacci extension). Another support has also been identified at 82.630 (61.8% Fibonacci retracement, 50% Fibonacci retracement, horizontal overlap support).
RSI (89) is being held by an ascending support line which contributes to our bullish bias.
RSI (89) is being held by an ascending support line which contributes to our bullish bias.
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