If we look at the 4-hour chart, we can see that the CAD/JPY pair is making a 123 pattern formation. Now it is trying to break through the 79.46 level. If so, the pair will easily break the 79.75 level as its first target and the 81.00 level as its second target. As long as this pair does not decline and close bellow the 78.31 level, this scenario is likely to occur.
(Disclaimer)