CADJPY has been in a nice bearish channel nicely since the beginning of the year, and current consolidation presents not one, but two advanced pattern formations.
1st, bearish gartley (pink) completes at the .786, which also happens to be the nice round number of 87.000
I'm going to wait and see if price can push up towards that are and react to the level for a selling opportunity
2nd, if the gartley doesn't complete, we also have a shorter term buying opportunity with the bullish cypher pattern which completes at about 84.540
If either of these patterns complete, stops would go above/below X, with 1st targets toward B leg or .382 of CD leg (given 1:1 Risk to Reward)
1st, bearish gartley (pink) completes at the .786, which also happens to be the nice round number of 87.000
I'm going to wait and see if price can push up towards that are and react to the level for a selling opportunity
2nd, if the gartley doesn't complete, we also have a shorter term buying opportunity with the bullish cypher pattern which completes at about 84.540
If either of these patterns complete, stops would go above/below X, with 1st targets toward B leg or .382 of CD leg (given 1:1 Risk to Reward)