CAD/JPY bearish trend still remains intact, short the rallies

FX:CADJPY   Canadian Dollar / Japanese Yen
100 0 3
The divergence to the previous sideway trend on daily chart that has shown their bearish effects clearly so far.

Monthly RSI has consistently been converging downwards, now with a resembling bearish engulfing pattern at 39.8820 level while articulating.

Slow stochastic is also stating more selling pressures as we observe %D line crossover still maintains even below 20 levels on monthly terms that signals selling pressure to prolong.

Robust volume build ups in JPY longs and CAD shorts (see grey shaded areas) fortifies bearish trends momentum.

The prevailing prices have slid way below 21DMA (both on monthly and daily charts ) that signifies the current price drops would drag further to find strong support zone at around 87 levels to bounce back again.

It is not always go long or short that makes you more money, market wouldn't necessarily need to behave according to our whim fancies. Wait and watch out for rallies would be the best deal for today to tackle this pair with its bearish business.

Trade recommendations: As the pair has slid below 86 zones, it is advisable to use rallies to buy ATM 0.51 delta puts for targets at 86.305 with strict risk appetite up to 87.290 levels.
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