CADJPY (Trade Idea)

CADJPY seems to be powering up today in green candles but we think price structure may have hit strong structural resistance per chart shown. We will be looking for a daily close below red support line shown for resumption of down trend towards 80.104 first. Further break and close below there should open up 78.131 and further price close below 78.131/77.319 cluster zone should see the downside continue to drift towards 74.936 price area.

Nevertheless, daily price close above 84.095 invalidates our dovish-ness and opens up 85.531 as next realistic upward target. Furthermore, daily price close above 85.531 brings 87.704 price region into sharp focus.