CADJPY bouncing nicely, more bullish momentum expected!

CADJPY has started to bounce off perfectly above our major support at 88.50 (61.8% Fibonacci retracement, 61.8% Fibonacci extension, horizontal overlap support) and a strong bounce could occur at this level to push price up towards 90.37 resistance (61.8% Fibonacci retracement). We are seeing intermediate resistance at 89.65 (38.2% Fibonacci retracement) too.

Stochastic (34,5,3) is starting to bounce nicely off our 2.2% support with great upside potential.

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