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CAD/JPY Bullish setup before CPI

On CAD/JPY, we have a bearish setup on the daily timeframe, but on the H1 chart, we can already see a reaction at a previous support, resistance, and now newly formed support level at 106.70. In this area, the market could respond by breaking the bearish trendline and subsequently initiating a slight rebound above the trendline, aiming to reach the daily high at 108.15. Potentially, it might be considered to enter even in the case of a bounce off the trendline. However, it's always necessary to wait for the right confirmations, which can also be sought on the M15 chart in this instance, given that we are working with an H1 chart. Let me know what you think. Best regards, Nicola, CEO of Forex48 Trading Academy.