CADJPY Bounce off Demand Zone?

This is a head up! I shall be watching this pair closely. The plan will be to open a LONG position when I get the close of an hourly candle showing a bounce to the upside. This is consistent with the 4H and Daily trend direction. I shall be waiting for a pin bar, engulfing or tweezers. I shall place the stop below the zone at about 107.55. If the price drops below the zone that this idea will be scrapped.

NOTE. Canadian CPI is due for release 12:30 GMT TODAY so I will NOT be opening a position until after this data release.

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I will scratch this idea: Canadian CPI has come in at 1.6% vs 1.8% expected. This makes a case for the Bank of Canada to drop interest rates later this month. There is no fundamental reason to buy CAD at the moment. CADJPY is heading towards the base of the Demand Zone and USDCAD keeps going higher.