CADJPY Breaks Trendline Support as Deeper Correction Unfolds

CADJPY has seen a very nice push higher recently after we identified a wave four retracement, but now price is coming down from around 117.50 and is even trying to break the lower trendline support near 115.50. This suggests that even if this turns out to be just a temporary pullback, there is still room for more weakness, possibly into wave E of a larger triangle, or alternatively this could be a wave four correction. 

Before the market stabilizes, it may be better to stay patient and avoid chasing longs. A deeper pullback toward the 111.85 support could come into play, especially if the recent support around 113.88 is broke
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