Last impulse move was to the upside on the daily and 4H chart thus after a small correction price should proceed in the direction of the last impulsive move to complete the pattern. Thus correction rejected on the 31 level of fibonacci adding another confluence to the setup for a long postion.
The pair was trading towards the downside last week with a double top. Whenever a pair reaches the very bottom of a downtrend the price should reverse up to test the previous neckline of the double top.
After forming a falling, the pair broke out of the price pattern in a not so strong manner. Thus was followed by a retest which is a small descending pennant. expect price to break out of the pennant to the upside aggressively. Lock profit after 20 pips
CAD/JPY has formed a rising wedge on the 4H and 1H chart, the pair has broken out of the rising wedge to the downside. A small correction is in play currently. Expect a smooth downfall as price breaks out of the correction phase