Nice idea on CADJPY and there may be bearish potential as you have identified. Interesting to see the usage of the descending channel to anticipate the drop. I am anticipating the potential drop based on the resistance level I have identified. There is a resistance level at 87.458, which the price may test before potentially seeing a reversal for the short opportunity. It is a horizontal swing low support, with a 61.8% Fibonacci extension and 38.2% retracement. Stochastic is approaching its resistance at 96% where a corresponding reversal may occur. If a potential reversal does happen, we can then keep a close eye on the horizontal overlap support at 86.23, with a 38.2% Fibonacci retracement. Looking forward to seeing how things develop.
Please have a look at my idea and share with me what you think.
Please have a look at my idea and share with me what you think.