If we look at the 1-day chart of CADJPY we can see that the price has been trending downwards since mid-April, this downward move was further solidified by a bearish Tenkan Sen & Kijun Sen cross within the Kumo. The price currently is in a corrective move which was supported by Chikou Span finding support upon Senkou Span B, the price on Friday's close has established resistance upon Tenkan Sen and it’s a critical price level that needs to be broken if we are to see a trend reversal. A daily break and close above Tenkan Sen would validate this outlook and an upward move toward Kijun Sen would be foreseeable at price level 82.643.
Looking at the 4-hour chart of CADJPY we can see that the price on Friday found resistance on the Kumo following a bullish Tenkan Sen and Kijun Sen cross below the Kumo suggesting a weak reversal scenario. As Chikou Span is firmly within the price, it is more than likely we will see price ranging in the short-term, a Kumo breakout on the 4-hour chart would be a good buy signal.
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