CADJPY recently reversed up sharply from the support zone lying between the key support level 75.000 (monthly low from April), lower daily Bollinger Band and the 61.8% Fibonacci retracement of the previous upward correction (a) from the middle of March. This upward reversal created the daily candlestick reversal pattern Bullish Engulfing. With the predominantly bearish yen sentiment seen today – CADJPY is likely to extend the gains toward the next resistance level 77.000 (top of the previous corrections (a) and (ii) and the target price for the completion of the active impulse (i)).