Nice idea on CADJPY and there may be bearish bias as you have you have identified. For our set up, we have identified the key resistance and support levels for the short term. The first resistance that we have identified is at 85.19 (61.8% Fibonacci extension , 61.8% Fibonacci retracement , horizontal pullback resistance), which is just below your stoploss. Stochastic is approaching its resistance at 96% where a reversal could occur. If a reversal does occur, we may look at the 84.41 support level (50% Fibonacci retracement, horizontal swing low support).
Please have a look at our idea and share with us what you think.
Please have a look at our idea and share with us what you think.