The Loonie has been moving in a descending channel against the Japanese yen since January. The exchange rate neat movement in this downtrend was interrupted in March when a U-turn north occurred after reaching a support level near the 80.06 mark.
The currency exchange rate has since started a new uptrend movement. Meanwhile, a breakout had occurred and can be observed on the chart.
The overall market sentiment is bullish; therefore, the CAD/JPY currency pair is likely to continue its upwards journey during the following trading sessions until it encounters a resistance set by the monthly R2 at 85.85.
