On the daily timeframe, CADJPY is in a descending channel and has now rejected the top of the channel, making its way back down to the base most probably. On the 1hr we can see it hit the top twice and formed a double top to which it has now completed a drop for. The target is down at 84.674, supposing price is able to fall through the 0.382 and 0.236 fib levels.
Oil has currently formed an inverse head and shoulders on the daily with a falling wedge on the hourly. These are both bullish. However it currently rejected the breakout of the wedge so price is moving downwards, further confirming downward action for Cadjpy.
Oil has currently formed an inverse head and shoulders on the daily with a falling wedge on the hourly. These are both bullish. However it currently rejected the breakout of the wedge so price is moving downwards, further confirming downward action for Cadjpy.
Note
Oil just broke out of its falling wedge/channel and this should be bullish for CADJPY. If Oil continues to trend higher then my expectation above will probably be invalidated.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.