CADJPY recently reversed down from the resistance area lying between the key resistance level 83.50 (top of the sharp upward impulse wave (A) from the end of October) and the upper daily Bollinger Band. The downward reversal from this resistance zone started the active short-term corrective wave 4. With the strengthening bearish Canadian dollar sentiment seen across the markets today, coupled with the overbought reading on the daily Stochastic indicator – CADJPY is likely to fall further toward the next support level 82.65 (former resistance level from November).