IS IT TIME TO SHORT CADJPY?

Hello traders! We are looking at a rally that has been continuing for quite some time now and it looks like we could possibly get a pullback. Previous support has been violated and if this is a valid head and shoulder formation development, we could see a bearish reaction. Pro broke out to the downside out of the wedge illustrated which ended the trading week and this could be a sign for bearish intentions. We will monitor price action between 105.650 and 106.250 for further confirmation for short opportunities. This is not a signal and is shared for educational purposes. Analyze and look for confirmations for trading opportunities.