We could foresee weakness in CADJPY when we consider the intermediate and long term trend of this pair.
appearances as it has failed to even extend upto minor resistance at 86.378 levels (see yellow coloured circle areas for the price behaviour at this level in the recent history).
In addition to that, even if the pair has managed to prop up to the current levels at 85.733 levels from the lows of 80.351, the leading indicators on daily are diverging the current upswings that would suggest these rallies losing momentum and likely to reverse a little.
On a broader perspectives, price on monthly drop below 86.939 and 84.348 decisively has been serving strong bear trend with robust volumes.
Most notably, you can see 21EMA has just crossed over 7EMA, hence, trend is likely to persist.
Monthly has convincingly converging with price declines near 40 levels (Currently, at 40.2652).
But slow is stating indecisiveness as we observed no clear traces of %K crossover at 20 levels on monthly terms that would mean buying pressure is yet generate at this point of time.
Since, the upswings could not manage to hold minor resistance at 86.378, divergence between previous upswings and signals long term risks.
Contemplating IVs of this pair (1W IVs lingering at 18.6%) and intraday sentiments, we recommend on pure speculation basis buying one touch binary puts in order to extract maximum leverage for extended profitability, for targets at 85.059 with SL at 85.378 levels. But in medium terms we could even foresee spot targets at 84.348 and below.
One can give leveraging touch to your returns expectation if underlying pair keeps dipping by employing At-The-Money binary delta puts. But do remember these are exclusively for speculative basis.