CADJPY

Here on this pair we see a setup already formed (bearish Jumbo Gartley). We are thinking bearish and we have  convergences telling us to short, but we need to be careful here and make sure we safely short this pair. We have a double bottom already formed on daily as shown with the circles. We could also possibly have a range of 550pips.

Now, also on daily chart, we see a bearish engulfing candle already formed at bearish Jumbo Gartley entry. Price also hit 127.2 fib level and retraced. We can also see that price is still bullish and could retrace to bullish trend line and bounce off it for another move to the upside. But because we are thinking short, we need to wait for bullish Trend Line to be broken, form a new low and then retrace to retest broken Trend Line (4hr Time Frame), which is where we intend to short to daily support at 78.60 thereabout. See charts below: