CADJPY is testing its resistance at 85.04 (50% Fibonacci retracement, horizontal overlap resistance) where it could potentially reverse and fall to its support at 83.12 (horizontal swing low support). Stochastic (89, 5, 3) is testing resistance at 94% where a corresponding reaction could occur. 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.