CAD/JPY Is Bullish

 

CAD/JPY is clearly forming a wide long-term sideways consolidation with no end in sight. The pair did, however, bounce off from the support at 87.75 after forming several spinning top candlesticks and a hammer candlestick on the daily time-frame frame above that level. What is more, it has already broken out above the resistance at 88.65, which coincides with the (MA)89 indicator on the daily time-frame. The move to the upside will likely continue and the first target will probably be around 89.60, which is the last high. A breakout above that level could lead to a further move to the upside towards 90.85 or even to 91.60.