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
From www.instaforex.com http://ift.tt/2dNk17K
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