This is my Analysis of the CADJPY Pair and going short with the primary Time Frame being the 4H.
Bias is to Short due to the following:
Confluence 1 = Currently, in BOTH the 1 Day and 4 Hour Time Frames, Price is considered to be oversold in the RSI and Stoch Indicators.
Confluence 2 = There is an EASILY Identifiable Divergence within the 4 Hour Timeframe characterized by the price creating Higher-highs conjunctive to both the RSI and Stoch Indicators moving the opposite direction creating Lower-Lows.
Confluence 3 = Price is at the next area of previously broken Support.
Confluence 4 = Price is consolidating upwards (at least within the 4H Time Frame) indicating that the market is having trouble moving upwards and the Trend may possibly be losing its current momentum.