Weekly chart of CAD/JPY pair shows that the price begins to recover after a long downtrend. This week we have already recorded third candle with a higher maximum. It seems like from this quite wide perspective it is worth looking at recent declines as a correction of the previous, extremely dynamic bullish impulse.
On the daily chart the gains do not look so impressive yet. So far, we have succeeded in breaking the trend line and it seems that the course is heading to the level of the last high,around 83.36. It is there that the market will decide whether the current movement is just another correction or yet the beginning of trend change. Price moving to this resistance will reach a fairly typical range of correction, which has already been repeated in the past.
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On H4 we see break out from the consolidation thru the top, re-test and further growth. So everything points for move up in the near future. The first resistance is at 83.36, and another slightly more significant from this perspective is around 84.20.
