CADJPY, H4 | Bearish Momentum
Type:
Bearish Reversal
Key Levels:
Resistance: 90.848
Pivot: 90.694
Support: 90.054
Preferred Case:
Prices are on bearish momentum and abiding by a descending trendline. We see the potential for dips from Pivot at 90.694 in line with 50% Fibonacci retracement towards our 1st support at 90.054 in line with 78.6% Fibonacci extension and 78.6% Fibonacci extension. Ichimoku clouds are showing bearish momentum.
Alternative Scenario:
Alternatively, prices may climb towards our 1st resistance at 90.848 in line with 78.6% Fibonacci extension.
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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.