I believe that the Yen will appreciate against all major currencies, and that the short squeeze in Oil is over, so it makes sense to short CADJPY.
Looking at the weekly chart, I see a clear downtrend that emerged after a wide H&S formation. After a deep fall, price moved back to value where it formed a shooting star. The impulse is still green, which means there might be potential upside. A blue impulse would raise my confidence in this trade.
The daily chart shows a double top formation with a false breakout, a sort of evening star candle formation, a bearish divergence on the histogram and red impulse. I personally do not like double tops or bottoms where the second leg is slowly grinding higher or lower (I believe it's called an Adam and Eve double top in this case, not sure though), hence the wider stop.
Look for a break below 80.
Looking at the weekly chart, I see a clear downtrend that emerged after a wide H&S formation. After a deep fall, price moved back to value where it formed a shooting star. The impulse is still green, which means there might be potential upside. A blue impulse would raise my confidence in this trade.
The daily chart shows a double top formation with a false breakout, a sort of evening star candle formation, a bearish divergence on the histogram and red impulse. I personally do not like double tops or bottoms where the second leg is slowly grinding higher or lower (I believe it's called an Adam and Eve double top in this case, not sure though), hence the wider stop.
Look for a break below 80.