CADJPY is approaching our first resistance at 87.47 (horizontal swing high resistance, 23.6%Fibonacci retracement, 61.8% Fibonacci extension) where a strong drop might occur below this levelpushing price down to our major support at 86.54 (horizontal overlap support, 50% Fibonacciretracement, 100% Fibonacci extension).RSI (89) is seeing a bearish exit and we might see a corresponding drop in price.Trading CFDs on margin carries high risk.Losses can exceed the initial investment so please ensure you fully understand the risks.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.