As we can see in the chart bearish momentum kicked in on CADJPY breaking the pair out of the the upward channel. After the drop we retraced and are currently rejecting the our zone level right at the 50% and 61.8% fib level. Looking for bearish momentum to continue for a possible 1:4 RR.
FibonacciSupport and ResistanceTrend Analysis

Penafian