CADJPY is approaching first support, potential for a bounce!

Price is approaching our first support at 81.403, which is in line with our 127.2% Fibonacci extension and horizontal swing low support. It could potentially bounce from first support and rise further to our first resistance at 81.727, in line with our 50% Fibonacci extension, 50% Fibonacci retracement and horizontal swing high resistance. It is also worth noting that price is now above the EMA (55) and the ascending trendline, which shows bullish analysis in line with our analysis.

Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.