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27.10.2016 07:43 AM
Technical analysis of CAD/JPY for October 27, 2016

It appears CAD/JPY changed the direction from an uptrend to a downtrend after breaking both 200- and 50-Moving averages and at the same time the ascending channel.

Fibonacci applied to the channel breakout point shows that the pair broke below the 23.6% level opening the doors for another wave down towards the next Fibs support.

Consider selling CAD/JPY while price is near 38.2% Fibs resistance (78.22), targeting 0% Fibs (77.33). The suggested stop loss is 78.30.

Support: 77.88, 77.33

Resistance: 78.22, 78.50

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