Good day traders! My bias on CAD/JPY remains bearish (see my 7th of November analysis). The move lower, from the 28th of October high, can be viewed as impulsive and was followed by a possible correction higher that created a lower high.
Price has since traded lower again and if you use a downward sloping Schiff pitchfork, then you will notice that price has respected my center median line on 3 previous occasions.
A break below my center median line could see CAD/JPY test the previous high at 82.091 or drop even further towards my lower median line around 81.500. My upward sloping channel will remain on my chart to see whether price will find support at the lower channel line, but a break below there will be an indication that price can fall even further.
Until next time, happy and safe trading!