CADJPY recently reversed down from the key resistance level 81.400 (former multi-candle resistance level from the start of September) – strengthened by the upper daily Bollinger Band. The downward reversal from the resistance level started the active short-term corrective wave 2. Given the continuation of the bearish Canadian dollar sentiment seen across the currency markets today, CADJPY is likely to fall further in the active corrective wave 2 toward the next minor support level 79.000 (target price for the completion of wave 2).
