FX.co ★ raynor.cornelius | CAD/JPY

Hello traders, Let's take a look at CADJPY through Fibonacci numbers. On the timeframe of yesterday's trading day, I set up a Fibonacci grid, anchored to the Daily high at the Fibonacci level of 100-108.031. The lower Fibonacci level of 0-107.153 aligns with the Daily low. This Fibonacci grid configuration has projected levels and areas that allow me to conduct technical analysis. Currently, the price is at 107.736 within the range of 100-108.031 and 50-107.592 on the Fibonacci scale. Thus, the buying pressure prevails. I am considering buying from the levels of 50-107.592, 61.8-107.696, and 76.4-107.824. I will hold positions towards the levels of 123.6-108.238 or 138.2-108.366. I may close a portion of the orders and move the rest to breakeven. Bears will show up if we break out of the bullish range, in which case I will switch to selling on a pullback to the zone of 50-107.592 and 100-108.031 from the opposite side. My sell take profits are set at -23.6-106.946 or -38.2-106.818.