Like the rest of the yen crosses, CADJPY has been directionless for the better part of this year.
The pair has been ranging between 81.70 and 84.00 since early March.
But sometimes these ranges can offer opportunities.
For instance, the CADJPY price action since late March suggests we could see the pair return to those range lows just below the 82.00 handle.
The rising wedge on the 4-hour time frame hints at an imminent breakdown.
And if this pattern plays out like most, CADJPY could be on its way to 81.70.
At the moment, sellers need to clear wedge support on a 4-hour closing basis.
Until then, there isn’t much to do here.
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While sellers may take CADJPY past the 81.70 low, I would be careful not to get too ambitious here.
Most Forex pairs have been range-bound so far this year.
The CADJPY is no exception.
That means it’s a good idea to keep expectations limited by what the market has produced in these last few months.
In other words, prices between 81.70 and 84.00.