CADJPY right on major support, prepare for the bounce
Buy above 84.38. Stop loss at 83.81. Take profit at 85.20.
Reason for the trading strategy (technically):
CADJPY is seeing strong support above 84.38 (Fibonacci retracement, horizontal overlap support, bullish divergence) and a strong bounce could occur at this level to push prices all the way up to our profit target level at 85.20 (Fibonacci retracement, horizontal overlap resistance).
RSI (55) sees strong bullish divergence vs price signalling that a bounce is impending.
Reason for the trading strategy (technically):
CADJPY is seeing strong support above 84.38 (Fibonacci retracement, horizontal overlap support, bullish divergence) and a strong bounce could occur at this level to push prices all the way up to our profit target level at 85.20 (Fibonacci retracement, horizontal overlap resistance).
RSI (55) sees strong bullish divergence vs price signalling that a bounce is impending.