CADJPY is going to hit this descending line within the first 8-16 hours this week (I'm guessing). At which point, I'd be inclined to either take a sell if we have confirmation of falling or I'd wait for a break above and a confirmed back test before getting in to a buy. It has not broken above this descending line since the beginning of its formation.
Comment:
This looks to have broken down. I still think there's a good risk/reward ration for a sell. I would expect a reaction at the marked reaction zone.
