[CADJPY] PATTERN IN PLAY

From a technical point of view, we have seen an interesting reaction on the support around 81.50 and this rally could develop the right shoulder of a bullish head and shoulders. At the same time, the swing on the weekly chart seems to have taken shape of a harmonic structure with the same target. All of this looks good, but if H&S wants to work properly, the pair shouldn't trigger a deep pullback over the next week, and the next weekly candle should still close above our neckline to confirm the pattern in formation. Speaking about the COT, last week, although the market remains mostly bearish, net short position was closed for about 27k.
If our analysis is correct, a first phase of consolidation is possible, and a recovery in the second half of next week (see cahrt below).

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