CADJPY facing bullish pressure

2 Mar 2021

CADJPY is currently taking support from an ascending trendline. Price could pullback to 1st support which coincides with the 61.8% Fibonacci retracement before bouncing up to 1st resistance which coincides with the 100% Fibonacci extension. If prices fall further below our entry, then our stop loss can be placed just at the trend line where it coincides with the horizontal swing low support and the 61.8% Fibonacci extension. EMA is also below the prices, suggesting that price might be bullish and react off the EMA.