At the moment on the H4 chart of the CAD/JPY pair we see the return of prices in the framework of the rising channel drawn for the past 28 days.
Given the recently published positive statistics for Canada, we can assume that our upward movement will continue and at the moment we are seeing a correction and a revision of the positions by bulls who decided to fix the profit.
On the daily chart we have not yet seen the figures of absorption and the reversal pattern. However, a shooting star pattern appeared on the H4 chart, which can be read as a signal of a possible correction. Furthermore, we are able to draw a "head and shoulders" figure, with a shoulder level in the area of 88.90.
But looking at the overall schedule and considering the overall movement, the recommendation is to look for points to enter long positions at support levels.
Support and resistance levels:
87.72
88.35
88.89
89.50
90.10
90.90
