- Remember CADJPY are a commodity pair i.e OIL
Canada is a net exporter of oil and Japan is a net importer, so When Oil goes up CAD is stronger and JPY is weaker and when OIL goes down, CAD is weak and JPY is strong
1. Over the last 4 years, on the Daily.weekly chart, CADJPY has been trending down in a descending channel
2. LONGTERM - We therefore want to get the best possible short when price hits the top of the channel and aim for 1000+ pips
3. SHORT TERM - It hasn't touched the channel but is at a key structure level, which is why we are entering with under 30 pips SL and will aim for at least TP1, TP2
4. Chances are it will go up further before we can short with more confidence to catch 1000+ pips
For now, it has hit a key structure level of its consolidation since June so we are looking to catch a 90 pips
See chart for levels
SEE BELOW FOR THE FULL DAILY TIMEFRAME
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We are now in the long term trade setup. look at my latest CJ published chart