CADJPY SHORT IDEA

Analyzing the CADJPY 1-hour chart, we can see that the pair is experiencing resistance around the same price level, forming what appears to be a double-top pattern. This is a classic bearish reversal setup, especially as the price struggles to break above the previous highs. The recent downward move suggests that sellers are starting to gain control. Considering this, I'm leaning towards a short position, with the expectation that the price may continue to fall towards the ascending trendline support. A conservative target would be set above this trendline to account for potential support. However, it's important to set a stop loss slightly above the resistance level to mitigate risk in case of an unexpected breakout to the upside. As with any trade, confirmation is key, so I'll be looking for further bearish signals before executing this trade.