Trend: Long term bullish Structure: Head and shoulders / Support and resistance.
Plan: This is similar to my previous CADJPY idea by that it is slightly similar to a head and shoulders pattern, but can also be interpreted as a support and resistance play.
We look for price to bounce off of the upper resistance level and move to previous low.
I like the concept and theoretically I think you are right however, we oppose the idea as we believe that the initial bullish impulse was too strong to be just left at it. We should see at least another test of the last high. Good luck 🤞