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CADJPY Short! Price Action Analysis

Short
FX:CADJPY   Canadian Dollar / Japanese Yen
Price is currently trading within Caption zone/s that last saw Tests for rejection to the downside in October-November of 2015.

For price to experience the anticipated drop, CAD has to weaken and JPY has to strengthen inclusive of fundamentals.

Bearish pattern signs have initialized on smaller time frames with rejection at 92.545, which is the beginning of a Caption zone that extends through 94.745.

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"When oil prices are high, the amount of U.S. dollars Canada earns on each barrel of oil it exports will be high. Therefore, the supply of U.S. dollars flowing into Canada will be high relative to the supply of Canadian dollars, resulting in an increase in the value of the Canadian dollar. Conversely, when the price of oil is low, the supply of U.S. dollars will be low relative to that of the Canadian dollar, resulting in a decrease in the value of the Canadian dollar."

Source: Investopedia-dot-com "How & Why Oil Impacts The Canadian Dollar"

Chart image is that of Canadian Crude Index. In red are Caption zones where Bears are expected camped with estimated price peak at 74.13 (through 75.22) prior major Selloff.

Breach of first red-zone should see tests at 94.31 through 108.03 red-zone for Selloff.