CADJPY recently reversed up with the daily Japanese candlesticks reversal pattern Morning Star from the support area located between the key support level 81.500 (which reversed the price in November and December) and the lower daily Bollinger Band. The upward reversal from this support zone started the active short-term impulse wave (iii). Given the strength of the aforementioned support area – CADJPY is likely to extend the gains toward the next resistance level 83.000 (former support from November and December, acting as the resistance after it was broken by the previous short-term correction (i)).