Analysis of CADJPY for next weekCanadian Dollar vs Japanese YenICMARKETS:CADJPYTranquilo1154On technical analysis basis alone, this looks like a picture-perfect opportunity to go short. A year-long uptrend that started with a double bottom terminated by a double top. A series of lower highs followed during the consolidation, the downside being restricted by the support in the 114.280 – 113.800 region. The structure of the D1 chart looks great, the weekly supports it too. Other JPY crosses align with this bearish bias for the most part. Under normal circumstances I would be aggressive and trade the break below or perhaps when (if) a retest occurs. But these are not normal times, the ceasefire in the middle-east has been violated and we know that the CAD is positively corelated with crude oil. If the price of oil starts rising, CAD may be strengthened and my bearish bias on this pair will be invalidated. Keep this chart on your watchlist for next week and remain cautious if you take a position.