CADJPY recently reversed up sharply from the major support area lying between the long-term support level 75.000 (which started the sharp weekly uptrend at the end of 2016, as can be seen below) and the lower weekly Bollinger Band. The upward reversal from this support area stopped the earlier impulse waves 3 and (3) – forming the weekly Hammer. Given the powerful bearish Japanese yen sentiment seen across the markets today – CADJPY is likely to rise further toward the next round resistance level 78.500 (former multi-month low from the middle of last year).