CADJPY opened a gap up today, climbing above the 82.60 barrier and meeting the 50.0% Fibonacci retracement level of the downfall from 89.25 to 76.60 near 82.90.
Having a look at the momentum indicators, the RSI is sloping up near the overbought threshold and the MACD is strengthening its momentum above trigger and zero lines.
An advance above the 50.0% Fibonacci (82.90) could open the door for bullish actions until the 61.8% Fibonacci region, which overlaps with the 84.40 resistance level, registered on April 17.
A step lower could find support at the bullish cross within the 20- and 40-simple moving averages (SMAs) currently near the 38.2% Fibo of 81.42. More downside pressures could drive the pair towards the 80.55 barrier, taken from the latest lows.
In brief, a break above the 61.8% Fibo of 84.40 in the near term could change the bearish outlook to bullish, however, in case of a pullback below the 23.6% Fibonacci, this could confirm the long-term negative momentum.
