Nice idea on CADJPY and there may be bullish bias as you have identified. For our set up, we have identified the key resistance and support levels. The support that we have identified is at 85.66. It is a horizontal swing low support with 100% Fibonacci extensionx2 and 61.8% Fibonacci retracement. Stochastic is testing its support at 4.5% where a corresponding bounce could occur. If a bounce does occur, we may want to look at the 86.23 resistance level. It is a horizontal swing high resistance with 61.8% Fibonacci extension, 61.8% Fibonacci retracement. Looking forward to seeing how things develop.
Please have a look at our idea and share with us what you think.