Fibonacci applied to the channel breakout point (S1 - 84.90) shows that price also broke the next Fib level of 38.2% (R1 - 85.40). After that, price corrected down and today the S1 support has been rejected together with the uptrend trend line.
Consider buying CAD/JPY while price is near S1 (84.90), targeting the nearest resistance area near R2 (86.00). The stop loss should be just below S2 (84.40).
Support: 84.90, 84.40
Resistance: 85.40, 86.00, 87.00
