CAD/JPY to the Upside?

CAD/JPY went 3 corrective waves down (WXY) and retested the weekly trendline which you can see in yellow down below. Also, we can spot an inverse H&S pattern that was broken to the upside, and the price managed to retest the neckline with a bullish flag which is known to be a continuation pattern to the upside.

Our first target will be the 76.8% Fibonacci Extension at 88.76. Breaking it will push CAD/JPY towards the 100% Fibonacci Extension at 89.33. If also the price managed to break the 100% Fibonacci Extension, we may see it continuing its way up for a long-term target towards 91.000 which is the 161.8% Fibonacci Extension.