CAD/JPY no way take this pair long. Current price 82.12. Averages 5 to 100 day overbought, particularly 100 day. Next, JPY/CAD is severely oversold. Supports are strong below at 80.00, 79.64 and 78.23. Above big line break located at 89.16.
At 80.00 is not only a support but its the support for JPY/CAD then CAD/JPY at 79.64. This area is solid and a great location to re load longs yet longs at current levels is not the way to go. Does this forecast sound and resemble AUD/JPY. There ya go. Same pair, same trade, same overbought at current levels.
Consider CAD/JPY correlates to USD/CAD at minus 0.05% and its a trend just underway. A higher USD/CAD will see a lower CAD/JPY.
Brian Twomey, Inside the Currency Market, btwomey.com