CADJPY currency pair recently reversed up from the support zone lying between the key support level 85.600 (former multi-month low from April), lower daily Bollinger band and the 50% Fibonacci correction of the upward price impulse form January. The upward reversal from of this support zone created the daily Piercing Line. Given the strongly bullish sentiment affecting the Canadian dollar across the FX markets today – CADJPY currency pair can be expected to rise further toward the next resistance level 88.700 (which stopped earlier minor correction 2).