CADJPY currency pair for few months is moving in a consolidation between the level of 75.82 – 80.00. As a result of ongoing from 7 November increases, which began with bullish gap (closed during the election night in the US) we arrived once again in the vicinity of the aforementioned 80.00 level. It is worth noting that this resistance coincides with the level of 38.2% Fibonacci correction of the whole last downward movement and a downtrend line continuing from December 2014. The rejection of this level could trigger declines and re-test the lower limit of this box. If, however, the demand will have enough strength to overcome the current zone, then we could expect increases even around the level of 88.70.
