FX.co ★ Technical analysis of CAD/JPY for April 21, 2016

After finding a bottom near 82.00, CAD/JPY started to move higher. Yesterday's broke above the ascending channel suggests that the uptrend is likely to continue.

Price rejected the channel breakout point (50% Fibonacci - S1) once and now it could be rejecting it again. Consider buying while the rate is near S1 (86.60) with the stop loss below S2 (85.80) or on the breakout of the 87.00 psychological resistance level. There are several targets ahead R1 (87.40), R2 (88.40), and R3 (90.10).

Support: 85.80, 86.60

Resistance: 87.40, 88.40, 90.10