Nice identification of the ascending channel on CADJPY and there may be potential gains as you have identified by going short. We have found a major resistance target at 89.45. It is a horizontal swing high resistance and ascending channel resistance, with a 100% Fibonacci extension. Stochastic is approaching resistance and we might see a corresponding drop in price should it react off this level. If a corresponding drop does happen, we have found a major support target at 86.45. It is a horizontal overlap support with a 50% Fibonacci retracement and 100% Fibonacci extension. Excited to see how things develop.
Please take a look at our idea and share with us what you think.