CAD/JPY: 4-hour
Here’s a break-and-retest setup that’s just about to play out! CAD/JPY recently broke below the 100.00 major psychological level and dipped to the 97.00 mark before showing signs of a pullback. Using the Fib tool on the latest swing high and low on the 4-hour forex chart indicates that the 61.8% Fibonacci retracement level lines up with the broken support area and might act as resistance. Stochastic is heading north anyway, which means that Loonie bulls might have enough energy to take price up to the 100.00 handle again.
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