CAD/JPY: 4-hour
Looks like CAD/JPY gotta bounce yo! The pair has been selling off in the past few weeks but it is already nearing a potential floor at the 50% Fibonacci retracement level. This lines up with an area of interest, as CAD/JPY previously found resistance at this region. Stochastic is still moving down, which indicates that there’s enough selling pressure left to push the pair to the 96.00 area. A bounce could take price up to the previous highs at 99.75 while a drop could lead to a test of the 95.50 minor psychological support near the 61.8% Fibonacci retracement level. Better wait for reversal candlesticks if you’re thinking of going long!
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