CADJPY Channel Trade

CADJPY H4

I have traded this pair previously on M30 timeframe. Details [here].


Now another trade setup is coming up in H4 timeframe. Price is following up in a descending channel and has just rebounded from the channel's lower trendline. 




200EMA is coming up at 79.96 just above current price. I plan to go long if pair touches the lower trendlien again with a stop loss below lower trendline.