CADJPY recently reversed up from the support area located between the key support level 78.21 (former resistance level which reversed the price multiple times in March and April, as can be seen below)) and the 50% Fibonacci correction of the previous upward impulse from the start of May. Given the moderately bearish sentiment affecting the Japanese yen today – CADJPY is likely to rise further toward the next resistance level 79.65 (top of the earlier minor correction from the middle of June). Strong support remains at the support level 78.20.