The Canadian Dollar has been appreciating against the Japanese Yen after the pair reverse from the lower boundary of a dominant ascending channel May 8. The pair has since reached a three-month high.
The currency pair has tested a strong resistance set by the combination of the weekly and the monthly PPs near 86.78. Meanwhile, the rate was stranded between pivot points at the time of this analysis.
As for near future, the CAD/JPY currency exchange rate is likely to move past the aforementioned PPs. In addition, technical indicators favour bulls to grow stronger during the following trading sessions.
