On 60 min we can see a potential bearish BAT pattern. 1.This can be a continuation patter for the downside. 2. Also we can see that AB CD leg is developing a 5 wave structure. So price can correct ABCD wave and it can continue to upside. The confirmation for a change in direction of the trend will be after the break of 240 min trend line. This is only my view.
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On 240 min view the price is channeling and we have a perfect AB=CD. Details on the chart.
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My short term view on CADJPY for the moment is bullish. So I am looking to close some profits on BAT pattern completion and after that I want to see for any buy opportunity again on correction.
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Price turned down to retest the green support zone as anticipated. Now let's be ready for the up move as this can be the first impulse to upside.We just need only a flag or a deep correction to enter the trade.
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Potential bullish Cypher pattern on 15 min. This can be a perfect opportunity for going long on this trade and the risk involved is very small.