Cadjpy medium term setup

Hi Traders,

Cadjpy has got my attention for a potential short setup, Price has broken out of a medium-term Channel with a strong bearish engulfing candle, and We can see the price now retracing in a very corrective manner, I like this because it gives me signs that if we get the short setup we could see price impulse to the downside.

Key areas for me are 99.000, I would like to see price break below this level Before I can even start considering short positions, A violation of this setup would be if price were to continue pushing higher past 99.500, At that point, I would have to reconsider my bias on the pair.

Strong entry signs for me would be if price were to wick to the upside and print a strong bearish candle, at this point, I would start scaling to the lower time frames to see if there are entry confirmations with a decent risk to reward for me to enter.

We cannot control what the market does, We can only control ourselves.

Renaldo Philander