Is CADJPY about to make a big u-turn?
This pair is one of the JPY crosses that's on my radar with a clear direction. After exploding to the downside and making a huge sideway move on the daily TF, price action is signaling weakness in what may be a potential smaller bear flag. Look for divergence on your oscillator on a lower TF as price action approaches the top of the flag and wait for bearish impulses. Please note that it's possible for the flag to be more complex and takes more time to complete. Invalidation occurs only if price action explode upward and break the flag. I'll be targeting the major fibo level and strong psychological number of 75 once the sell is in play.
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