CAD/JPY| Bearish consolidation play

CAD/JPY Long-Term Trend: Bearish

Key Resistance Levels: 91.218, 91.354, 91.710

Key Support Levels: 90.295, 89.918, 89.490

1-Day Chart: We have failed to breach the resistance zone, and may now finally see a pullback. We also happen to be inside somewhat of a wedge structure which presents good support levels to trade towards if we do break to the downside. 

CAD/JPY Medium-Term Trend: Bearish

2-Hour Chart:

Elliot-wave suggests that we have seen a full 5-wave cycle completion play out, and will now need to see a 50%-61.8% retracement of the bullish cycle. We have also made 2 attempts at breaking the resistance band (blue) but failed. If this resistance persists, it may kick-off a decline.

Signal Idea:

Sell Limit Order @ 91.195

TP 1 @ 89.918

TP 2 @ 89.495

Stop Loss @ 92.008