Since the minimum of January 2009 until its peak in April 2010 the pair has made a retraction to the 61.8% Fibonacci.
The last low appeared around 78.70, where the pair created a simple reversal pattern of "double bottom", which combined with the positive deviation in the MACD indicator, creates an interesting opportunity for purchase.
RSI shows the buy signal. On the CAD/JPY there are observed two signs of an upward sequence that unfolds.
The mere fact that the pair has already crossed the strong resistance level of 79.80 suggests to take long position immediately with a starting point slightly below the next significant level of resistance around 82.70 and 84.50. The protection order can be placed below the yesterday intraday low around the level of 79.00 yens per Canadian dollar.
