Trendline support usually is classified as “minor support,” but considering where we just were in price with CAD/JPY, we may have to take this into stronger consideration. The move above the 82.00 level was rejected last week. Now, we are testing the trendline near the 81.00 level. A break of the 81.15 50% retracement would be the bottom of the long-term resistance zone we have been monitoring for months. A break of the 81.00 level could usher in a move back to the 200-day moving average below the 79.50 level. Notice how recent RSI perged when we rejected 82.00 as well.
CAD/JPY Daily Chart.