Firstly on the 4 hour timeline we identified a descending trendline. next on the hourly frame we notice a continuation wedge which means a bearish continuation. also noticed a descending wedge, which means more bearish support!
The chart shows the JPY weighted index on a daily time frame, creating a bearish bat harmonic pattern.
Furthermore, the last 3 daily candles together have formed a three pin pattern (Evening Star formation) indicating bearish reversal.
I expect JPY to start showing signs of weakness in the next couple weeks across the board, meaning potential XXXJPY buys.
JPYCAD is following the above channel so time your entry right with your longs on a lower time frame.
Also be prepared for a break in channel at some point, but a long while away until channel finishes forming.
Breakout from forming channel when it eventually occurs will be to the downside.
Warning; trading comes with risks, trade safely and within reason....