FxWirePro: CAD/JPY bulls rejected at sloping channel resistance, major downtrend on verge of forming adjoining handle to saucer pattern

On daily terms, the current price has shown failure swings at channel resistance. Consequently, it has gone below DMAs, expect dips on bearish DMA crossover. The price behavior has been sliding in the sloping channel.

On the broader perspectives, spinning top has occurred at 86.547 and accordingly bears plummet prices of the previous uptrend, as a result of the major downtrend slide below EMAs again.

The interim bulls struggling to clear stiff resistance at EMAs (you can observe historic price behavior at the same juncture), subsequently, the spinning top occurred at the same levels.

0RSI on both daily and monthly terms: Consistent lower lows signals downward convergence to the price dips. Please note that the clear convergence to the major downtrend that would imply the strength in the major downtrend.

Stochastic on daily and monthly terms: Stochastic curves evidence %D crossover at 50 level that indicates momentum in bears favor but it has been slightly indecisive on daily terms.

MACD: This indicator has been indecisive but entered below zero level that signals price dips likely to drag further.

Overall, an ideal time to snap rallies to deploy shorts, while long-term bulls for fresh longs are yet to for confirmation.

But on intraday speculation purpose, contemplating above technical reasoning, we could foresee equal chances for both bears and bulls. Hence, below tunnel spreads are advocated that is suitable at this juncture.