CAD/JPY has recently reversed upward from a well-defined support zone near 113.80. This level, which has acted as a floor since March, aligns with a declining daily Bollinger Band and the lower boundary of a downtrend channel established in May.
The support area is further reinforced by a 61.8% Fibonacci retracement of the preceding bullish move from February.
Considering the ongoing daily downtrend, analysts anticipate a potential rise toward the next resistance at approximately 115.00, a level that previously halted a minor corrective wave in early June.
