CADJPY - Promising FX setup

CADJPY has offered great returns in the past 3 weeks (going long) but at the same time it got a clear rejection at the 92,87 level.

Yesterday, CAD regained after the Bank of Canada monetary policy. The central bank has kept its rates unchanged and ended its quantitative easing. It has moved up its timeline to the "middle quarters of 2022" for a rate hike.
The Canadian dollar gained sharply against the US dollar after the hawkish stance by BOC.
The intraday day trend of CADJPY is bearish as long as resistance 92.50 holds


The pair showed a minor sell-off after the BOJ status quo. Any breach below 92,03 should have a continuation (going South)'



The significant support at 91.25 has been breached again (after the Bank Of Canada's 'hawkish' statement yesterday that pushed the price higher).

To cut the long story short:

Most likely a 'Dead Cat Bounce'. Major bearishness if it breaks below 91,67.

A dip to 86 is possible.

ps. A correction in Oil prices will assist (CAD is corelated to Oil)

One Love,

The FXPROFESSOR