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Stochastic signifies the overbought situation has pulled back to threaten the downward pressure on this pair as %D line crossover above 80 levels seen on weekly chart.
This good shorting position at this juncture as RSI suggesting a divergence with the price line from last 3-4 weeks.
More importantly, the pair is trading near below trend line at around 98.99 levels, if it breaches this level on closing basis then immediate support seen at 98.08 levels, else the strong support can be found out only at 95.03 levels on medium term basis.
Writing covered puts of CAD/JPY involves a bearish options trading strategy right now.
The writing of put options while shorting the compelled exchange rate of the underlying currency on spot.
This strategy offers limited returns with no downside risks.
Profit for the covered put option strategy is limited. Maximum gain is equal to the premium received for the writing put option.
