Fibonacci applied to the channel breakout point
(S1 – 84.90) shows that price also broke the next Fib level of 38.2% (R1 – 85.40).
After that, price corrected down and today the S1 support has been rejected together
with the uptrend trend line.
Consider buying CAD/JPY while price is near S1
(84.90), targeting the nearest resistance area near R2 (86.00). The stop loss
should be just below S2 (84.40).
Support: 84.90, 84.40
Resistance: 85.40, 86.00, 87.00
The material has been provided by InstaForex Company – www.instaforex.com
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